When you are taking a loan, you should know all the steps in the process.
Experts at Woodcrest Mortgage took some time and made a quick step by step loan guide that will help you understand it better. However, if at any moment you feel confused or need further explanation, don’t hesitate to call us.
Experts at Woodcrest Mortgage took some time and made a quick step by step loan guide that will help you understand it better. However, if at any moment you feel confused or need further explanation, don’t hesitate to call us. Woodcrest Mortgage professionals will gladly guide you through every step of the way.
As a person that is applying for a loan, you should know that no rule is set in stone. Every application is handled on a case-by-case basis. When you want to get more information, contact Woodcrest Mortgage, and obtain every piece of information you need.
Picking the right type of mortgage will depend on your plans for the future. Think about how long you want to keep the loan. If the plan is to sell the property in a few years, an adjustable or balloon loan will make the most sense. Those that will keep the property for a long time should consider a fixed loan. For further explanation, you can check out Loan Programs on the Woodcrests Mortgage website and learn everything you want to know.
However, going over all the programs, different points, rates, and fees can be not only stressful but time-consuming as well. Call Woodcrest Mortgage, and get professional evaluation and recommendation. Our experts will give you all the additional information you didn’t get on our website, and we will make sure that in the end, you can make an informed decision.
When the application is submitted, the processing of the mortgage begins. Processors will order the Credit and Title report as well as the appraisal. This way, all the information on the application, like bank deposits and payment history, will be verified. If you want to know more about credit report, credit, and foreclosure, make sure you check out the Woodcrest Mortgage website. There we explained mortgage basics in the way everybody understands them.
When your loan is approved, the file is transferred to the closing and funding sectors. The funding department then notifies the broker and closing attorney about the approval and verifies broker and closing costs. Then the attorney will schedule a meeting where the borrower can sign the loan documentation.
When everything is done, the attorney will return the documents to the lender, who will arrange for the funding of the loan after examining them. When the loan is founded, the attorney will arrange for the mortgage note and deed of trust to be recorded at the county recorder’s office. When the mortgage is recorded, final settlement costs are printed on the HUD-1 Settlement Form, and the final disbursements are made. Is this whole process put simple enough? If you have any questions or dilemmas about any step in the process, make sure you call Woodcrest Mortgage. We are here to lend you a helping hand and make sure you become a homeowner without a fuss.
Get quick answers to the most common questions homebuyers ask. Our FAQ section is designed to help you understand the mortgage process, explore your options, and feel confident every step of the way.
You’ll typically need proof of income, tax returns, pay stubs, bank statements, a list of debts and assets, credit verification, and any additional documents related to your financial situation. Self-employed borrowers may need extra items like profit-and-loss statements or 1099s.
Lenders review your recent pay stubs, W-2s, tax returns, and bank statements to confirm your income. They also pull your credit report to check your score and review your payment history. You may be asked to explain any late payments or unusual activity.
A home appraisal is an unbiased estimate of a property’s value. Lenders use it to ensure the home is worth the amount you’re borrowing. This protects both you and the lender from overpaying for the property.
Closing costs include lender fees, appraisal charges, insurance, taxes, and other transaction expenses. They typically range from 2% to 5% of the loan amount. Your lender will provide a detailed breakdown of what to expect.
