mortgage-loan-programs

Loan Process

01

Income Calculation

Pre-qualification starts the loan process. Once a lender has gathered information about a borrower's income and debts, a determination can be made as to how much the borrower can pay for a house. Since different loan programs can cause different valuations a borrower should get pre-qualified for each loan type the borrower may qualify for.

02
Mortgage Programs and Rates

To properly analyze a mortgage program, the borrower needs to think about how long he plans to keep the loan. If you plan to sell the house in a few years, an adjustable or balloon loan may make more sense. If you plan to keep the house for a longer period, a fixed loan may be more suitable.

03
UW Approval

The mortgage underwriting process involves assessing the borrower's ability to repay the loan, evaluating financial documentation, and determining the risk associated with the mortgage application.

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