The first steps in the financing process are to complete an application with your representative and review both your short term (this transaction) and long term (5-10 year) financial goals. As your mortgage consultant, it is your mortgage consultant's responsibilty to present the appropriate financing option(s) by qualifying you based on your credit worthiness.
Your credit worth is determined by analyzing your credit score, income, assets, debts and residential history. It is extremely important, when you apply for a home mortgage, to answer all questions as accurately as possible alerting to an inconsistencies or potential issues. With thousands of different programs to select from, your loan officer has the ability to find the right rate and documentation level for you!
Within 3 (three) business days of your application we will send you an application and Good Faith Estimate which provides details of your estimated closing costs as well as general state and federal disclosures. In addition to the Good Faith Estimate, you will also get a statement, known as the Truth In Lending that shows your estimated monthly payment, the cost of your finance charges, and other facts about your mortgage. You will need to sign these documents and return them to your mortgage with some additional documentation relating to verifying the information provided on your application.
Preparing your documentation prior to meeting with your mortgage consultant is a great way to simplify the loan process. Having all proof of income and assets available is great time saver (and stress reliever) for all parties involved!
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