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Mortgage Preparation and Process
Mortgage Application Process
Everything you need to do when Submitting the Application:
- Prepay the cost of processing your loan request
- Have your credit report ready to turn in to the mortgage specialist so you do not have to prepay for it separately.
- Doing this before submitting of the mortgage application will also allow you to catch any errors before the mortgage specialist sees your credit report and
- Allow you time to prepare for any questions the mortgage specialist might have regarding hiccups your credit report might contain.
- You can get a Free Credit Report from any of the following companies:
- Experion
- Transunion
- Equifax
- Prepay for the appraisal of the property. You might what to get an appraisal before you submit the mortgage loan application; just check with your mortgage specialist for qualified appraisers in your area first.
- If you do not have the up-front money for an appraisal of your property or would rather keep your capital in the assets you currently have, discuss with your mortgage specialist about rolling the $$ amount of the appraisal into the mortgage loan.
- Be prepared for the questions that the mortgage specialist might have regarding your credit! This is extremely important and important for a smooth mortgage loan process.
You’ll need to resolve any discrepancies between the information your lender discovers in your credit history and what you’ve written on your applications before the application process can go forward.
