There isn’t a better time to refinance your mortgage as the interest rates are at an all time low. At a time we live in, the residual income could be spend elsewhere.
Our goal is to help make the home loan process as clear and informative as possible. A better understanding of the process can help ensure your loan closes on time. A step-by-step guide so you know what to expect from application to closing.
You can expect great service! You can get started online by completing our online application. Or you can call one of our Loan Originators today to get your application started over the phone.
Mortgage Lender will set up an escrow account to collect funds for the payment of your real estate taxes, homeowner’s insurance, and private mortgage insurance, if necessary. Each month a portion of your payment will be held in your escrow account to make sure the funds are available when these payments are due. At that time, funds are drawn from the escrow account. You may pay your own real estate taxes and insurance if you meet Mortgage Center’s Escrow Waiver Requirements.
Our goal is to have your loan ready for closing as soon as possible! Generally, the items that take the longest to receive are things such as the appraisal and the title work and the conditions that you need to provide us with. We’ll want to get the appraisal and title work ordered as soon as possible to avoid any delays. If you are purchasing a new home, we’ll do our best to meet the date you and the seller have agreed upon.
Your credit standing impacts many of the financial and life decisions that are made about you, including the ability to secure loans, obtain the best interest rates, and in some cases, even gain employment. Your credit score is used to predict how likely it is that you will repay a new loan.
The credit scoring system was developed based on experience with millions of consumers. In general, the computer model assigns points to information in a credit report. For example, making payments on time every month is positive for the score. Charging the maximum amount available on a credit card is negative. The computer adds the positive and negative points, and the resulting number is your credit score.
Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you’ve found the perfect home. The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported.