Loan Modification Qualifications

If you are researching loan modifications, one thing you are probably interested in is how someone can qualify for a loan modification.  Loan modification qualifications aren’t that complex, there are some basic standards that loan modification companies would like you to meet.  The biggest thing to remembers it that loan modification companies want to work with you, and lenders would rather you modify your loan than go into foreclosure.  Loan modification qualifications are designed to help you modify your home loan mortgage, not to prevent you from getting a loan modification.

Loan modification qualifications include having a job, having financial paperwork handy, being able to prove your hardship and being behind on your mortgage payments.  

Having A Job

This may seem like a no-brainer, but you need to make payment after you modify your home loan mortgage.  This loan modification qualification is focused on you being able to pay your mortgage and keep your home.  A loan modification won’t make all of your bills disappear, rather it will allow you to keep up with your payments.  A loan modification will adjust your monthly payments by either altering the interest rate or the balance principle of your loan.  Loan modification qualifications make sure that once your monthly payment is adjusted, you will be able to make your payments and stay in your home for a long time.

Financial Documents

In order to procure a loan modification, you need to sure your lender your financial records from the last six months or so, including tax returns, pay check stubs, bank records and more.  This is again so that lenders feel comfortable renegotiating the terms of your loan.  Loan modification qualifications such as this are designed to look into your finances and see if you are a viable candidate.  If your finances are at least stable, even if you aren’t making a ton of money, your lender will be willing to work with you, and your home loan modification company will be able to negotiate harder on your behalf.  The lender wants to make sure you have enough money to pay your new mortgage payment, and that you are worth making an investment into.

Proving Your Hardship

While different types of people can register for a loan modification, most lenders want to see proof that you are having a hard time paying your mortgage.  This loan modification qualification focuses on your finances over the last six months to a year, and is simply designed on what your income is versus what your bills are.  Showing your financial records, your utility bills, your car payments, your mortgage payment, your pay checks and more are all p art of this loan modification qualification.  You basically have to prove that the money going out of your account is more than the money coming in.  If you  have given up a car, sold some possession, cashed out your 401k, cut back on cable bills and food bills, these are all great examples of things that will sway the lender.  Your home loan modification qualifications can be met, and a qualified loan modification company can help you through this process.

Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.

Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Loan Modification Help Center – Loan Modifications, Myth vs. Fact

When people take the time to research loan modifications, they are confronted by various issues that may not make much sense.  Different loan modification companies will offer differing information, and mortgage lenders will usually choose to hold back certain truths, often to their own benefit.  The Loan Modification Help Center is designed to try and eliminate the myths from the facts, giving you a true picture of the loan modification arena.

Here are some myths going around the Internet as well as the truths that debunk them:

Myth – You have to be late on your mortgage in order to be eligible for a loan modification.

Fact – You do not have to be late, although it helps if you are.  In other words, you will get more attention and help on your mortgage from your mortgage lender if you are late.  It takes a California loan modification attorney with a tenacious attitude to deal with a borrower, but getting a loan modification if you are not late on your payments is absolutely possible.  Plus, new laws passed by the Obama Administration help people in that situation.  

Myth – Any loan modification company can help you with a California home loan modification.

Fact – Unless a loan modification company has an experienced California home loan modification attorney, they really can’t help you very much.  A loan modification attorney will be empowered to work on your behalf, and only someone with the power of attorney can do so.  A random company that does not employ (or is not run by) a California loan modification attorney really can’t do an adequate job.

Myth – Lenders are doing everything they can to assist struggling homeowners.

Fact – Lenders are doing everything they can to protect their own interests.  Lenders have neither the resources, nor the good will to help all the homeowners suffering from bad mortgage loans.  These lenders have lost billions of dollars, have laid off countless employees and are responsible to their shareholders, not the general public.  Without a California loan modification attorney helping you get a loan modification, you really are not going to get the attention you need and deserve.

Myth – Loan modification applications cost a ton of money.

Fact – There are absolutely some loan modification companies looking to make a quick buck, but experienced, qualified and service-oriented loan modification companies such as the Feldman Law Center are focused on keeping you in your home.  People should not be frivolous with their cash, which is why a qualified loan modification company is the way to go.  If you have concerns about upfront costs or overall costs, be sure to talk to the service representative you speak with about it.  You will most likely spend some money, but remember we are talking about your home here.  Keeping your home during this difficult economy will make you stronger financially once the recession ends.  That should always be your end goal throughout the loan modification process.

Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.

Legal Disclaimer

The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

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Loan Modification Help Center – Mortgage Fraud and You

Did you know that executives throughout America are finally being brought to justice for the predatory lending and subprime mortgage fiasco?  The subprime mortgages that helped ruin the current economy by taking advantage of unsuspecting home buyers were fueled, in part, by executives such as Countrywide Financial CEO Angelo Mozilo.  Loan modification companies in California and the rest of the nation have been crying foul for quite a while, trying to alert authorities to the abuses going on.

Individuals such as Mr. Mozilo were committing two major crimes (allegedly):  the first was selling incredibly flawed and risky mortgages to home buyers who would later go into foreclosure; and the second was presenting company assets as high-quality when they were actually “toxic” or “poison” in hindsight.  Some of these individuals will go to prison because of the securities fraud, others will be convicted of mortgage fraud.  However, the people who are facing foreclosure won’t be assisted by any of these convictions, because it won’t stop their foreclosure proceedings.

In the end, one of the only things that can put a halt to home foreclosure proceedings is a highly qualified loan modification company.  A home loan modification company can work with lenders, on behalf of homeowners, to negotiate the terms of their mortgage with the end result being a lower monthly payment.  Even as subprime mortgages created situations where a ,500 payment turned into a ,500 payment, home loan modifications can turn that situation back around.  A qualified California home loan modification company, for example, can negotiate with a lender (bank or mortgage company) to lower the overall interest rate, alter the length of the loan, reduce the principal balance, or some other formula to get payments back to a realistic monthly amount.

As executives from Countrywide and other corporations are facing the music for their misdeeds, loan modification companies are assisting average Americans to overcome those same misdeeds.  A loan modification attorney can work with you to get your paperwork and financial information in order so that the loan modification process goes quickly and smoothly.  A California loan modification company with years of experience will know the ins-and-outs of the loan modification process and how to avoid foreclosure.

The California loan modification and FDIC home loan modification programs are working, and California loan modification attorneys can help you take advantage of these programs.  For example, in January of 2009, there were only 14,351 foreclosures in the state of California, down from 20,952 the month before.  Loan modification attorneys have been helping people more and more.  However, the reality is that there are still tens of thousands of people going through foreclosure every month, in part because they don’t have the expertise of a loan modification company by their side.  People live in fear of answering phone calls and think anyone trying to help them just wants money.  However, doing nothing will result in the loss of a home, and the concept of homelessness is not something Californians are accustomed to.  The loan modification companies with years of experience in the industry and that utilize a California home loan modification attorney can be the difference between living in a home for the next twenty years, and living on the streets.

Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.

Legal Disclaimer

The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

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Loan Modification Help From The Best Loan Mod Company

When you have fallen behind in your mortgage payments it can feel like falling into a black hole. With the mounting late fees and such, it can quickly become a hole that it feels there is no way out of.

Especially when you try refinancing only to find that your late payments will keep you from qualifying and even your own mortgage company does not want to help you.

“…You can feel completely helpless with nowhere to turn. But there is help available now that can stop the foreclosure proceedings instantly and actually offer you a chance to bring your mortgage to a current status again. What you need is a qualified Loan Modification company…”

Even when everyone else has turned you down, finding the best loan modification company to suit your needs can be your light at the end of a very dark tunnel. Mortgage modification is different from a refinance in that there are fewer credit restrictions in qualifying. In fact, it is being behind in your mortgage payments is one of the qualifications for modifying your mortgage. Also your mortgage payment must be at least 38% of your gross monthly income, something else that would make it impossible to refinance. Additional qualifications are that the property is your primary residence, you have had the mortgage since before January 1, 2008 and you owe 90% of the value of the home.

If this is the situation that you are in, then you need to find the best loan modification company available to walk through the process with you. This may be the best chance you have of saving your home so you will want the most qualified expert that you can find to help you. Of course you will need documentation that your situation is as you explained. Proof of income and a current mortgage statement should take care of most of that, but the most important thing you will need is the hardship letter to explain how you ended up behind and how you will keep it from happening again. This letter could make or break you, so make sure you consult your expert on its content. You want it to be perfect.

“…The best part is if you are granted your modification request, you will be current of your mortgage again, late fees will be gone and your back payments reworked into your newly modified mortgage…” H. Milla added.

Mortgage loan modification can help keeping your home

Struggling To Keep Your Home? Mortgage Loan Modification Can Help

People’s financial situations can change in a heartbeat. Hardships of all sorts can prevent you from making ends meet, and your mortgage may fall into arrears. Mortgage loan modification can help put you back on track!

Circumstances that may be resulting in unpaid bills and threats of foreclosure vary, and may include:

1.    Medical hardship

2.    Loss of or reduction in income

3.    Family conflict or divorce

4.    Death in the family

5.    Unexpected expenses

Whatever the cause, you may be faced with the fear of foreclosure on your property, and the prospect of losing the home you worked so hard to acquire. All is not lost, however; the Obama Administration has made it possible for lenders to work with you to modify your home loan and put you back on the path to regular payments and eventually, full title to your home!

In the past, late and missed payments generally resulted in threats being made by the lender, very few options for getting back on track, and the ultimate default on the loan and foreclosure on the property by the lender. Homeowners had little recourse, since there was no federal regulation enabling lenders to work out alternatives with the homeowner.

Can I Really Qualify for this Relief?

It is now possible for you to seek relief from overwhelmingly large mortgage payments even if:

1.    You have bad or no credit

2.    You are not even behind yet on your payments

3.    You have just started falling behind

4.    You have received a Notice of Default from the lender

5.    You have been informed of a date of Trustee Sale of your property

6.    You own more than one property

You can even obtain a mortgage loan modification and stop foreclosure even if you owe more than your home is currently valued at! The first step in obtaining am modification is hiring an attorney to protect your interests.

Do I Really Need a Lawyer?

You may think initially that a lawyer is just one more unnecessary expense. However, mortgage loan modification can be a complex process, and if you are not personally well versed in contract law you may find yourself the victim of unscrupulous loan modification ‘experts’, who will arrange your loan to benefit the lender instead of you and leave you in worse shape than before.

Anyone, including you can legally negotiate to modify a loan. However, a lawyer has knowledge of the system and how to protect your interests, and can keep you from being taken in by one of the many con men currently taking advantage of homeowners in distress.

These individuals bill themselves as loan modification consultants, and will do anything to convince you that they should handle all negotiations with your lender in order to qualify you for a mortgage loan modification. In reality, it is not hard to qualify – the real hard part is making sure the loan agreement is written up in such a way that it actually relives you of some of your burden and protects you from problems in the years ahead. A loan modification should be a long term solution designed to enable you to ultimately pay off your home, not a short term device intended only to stave of foreclosure for a year or two.

Steps to Acquiring a Mortgage Loan Modification

Lenders will want to know exactly what has transpired to cause you to need a Mortgage loan modification. A hardship letter must be drafted to explain your situation and detail the reasons you need your existing loan agreement to be modified.

A budget worksheet must be filled out listing all your expenses and sources of income, to show the lender that you will be able to hold up your end of the new agreement and make payments as scheduled.

The following documents will need to be collected and presented along with the hardship letter and budget worksheet to your lender:

1.    Proof of income, including the two most recent pay-stubs for each borrower plus their W2′s

2.    The last two years’ worth of tax returns, including schedules for self employment or rental income

3.    Bank statements for the past two months (all pages must be included)

4.    All correspondence concerning the current mortgage, including payment coupons, tax and insurance information and HOA fees

A qualified loan modification attorney will be able to help you locate and present all documents to your lender, and will be a part of the process from beginning to end, making sure your interests are safeguarded and that the final mortgage agreement is one you can abide by. This give you the security of knowing that you will be able to eventually finish paying off your loan and achieve your dream of owning your own home!

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Loan Modification Tips

It is not impossible to get a home loan modification.  Many people struggle with even thinking about a loan modification.  Either they feel a home loan modification is too difficult or they simply don’t understand how the process works.  Here are some quality loan modification tips:

Get your finances in order – One important tip any loan modification company will send your way is that your finances must be in order.  To prove you have a financial hardship and to prove you have enough money to pay a modified home loan payment, you are going to have to show your finances, your budget, your income and more.

Contact a qualified home loan modification company – An important tip is to watch who you trust with your home loan modification.  There are a number of companies that have popped up out of nowhere since the financial crisis began in late 2006, early 2007.  You should work with a company that has been around for years, and that can offer you sophisticated advice.  If you’re overwhelmed, read their Website, talk to an agent, do your own research and even try to ask people who have had their own home loan modifications.

Don’t walk away from your mortgage – You may feel the temptation to just walk away from your bills, simply out of frustration.  However, mortgages are not only a major investment, but your credit score will take a long term hit if your home goes into foreclosure.  Don’t give in to fear or doubt, contact a home loan modification company and see if there is any way to stay in your home.

Do your research – It’s important to know the loan modification process and loan modification companies.  An easy thing to do is contact a qualified home loan modification company and ask as many questions as you can about the process, the company, the industry and your own situation.  A loan modification company may be able to give you some tips on how to avoid foreclosure and stay in your home through a loan modification.  This process can be complicated, but qualified loan modification companies will know what the steps to take are.

Keep up with the laws – California home loan modifications took a major turn in 2008, when the California legislature changed the California home loan modification process.  You need to stay up to date with the changing laws, changing financial landscape and other ways you can learn tips.

Don’t walk away from your home – An important tip that any loan modification company or lender will tell you is that walking away from your home is probably the worst option you have.  A loan modification will allow you to adjust your monthly payment, as well as your interest rate and potentially your principle balance.  A foreclosure is the worst option for you, the lender and everyone else involved.  Talking to a loan modification company will help you learn about the industry, learn some valuable tips and gain confidence about keeping your home for years to come.
Visit us at Loan Modification Help Center or call 800-359-6941.

Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter.   Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.

Michael H. Thompson is interviewed after securing his PGA tour card at the Final Stage of Q School.
Video Rating: 5 / 5

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Processing Loan Modifications In Los Angeles

Get Yourself Started In Choosing Home Loan Modification Programs

The U.S. economy is currently facing a severe economic crunch, due to which loan modification has appeared. Nearly six million homeowners are facing home foreclosures, primarily due to the current recession.

In fact, consumers have also reduced their spending largely. Experts have determined that the root cause of recession can lead to more such crunches in the future.

The Rescue Plan:

To combat this situation, the government of President Obama has formulated a well-analyzed and well-organized economic stimulus plan for loan modification that will generate a significant stimulus to the economy if appropriately applied in the home market system.

The Obama Loan Modification Plan is an initiative developed to help nearly 9 million families to refinance their mortgages and avoid home foreclosures.

The Obama loan modification plan recognizes that many homeowners cannot take advantage of historically low interest rates, because the loan-to-value (LTV) ratios are too high for them to qualify for a refinance loan.

Most lenders want to see an LTV of 80% or lower before they consider a loan modification plan, that is, homeowners must owe no more than 80% of the current value of their property.

The Obama’s Home Mortgage Plan says that every person should receive access to a 30 years fixed rate mortgage with an interest rate of only 4.5%. In addition, refinancing would be made available to current homeowners at an interest rate of 4.5%.

A loan modification, unlike a refinance is not a new loan. Rather, it is a change in the terms of an existing loan. The government is even providing incentives for lenders to participate in the loan modification process. The incentives are as follows:

1. The government will share the cost of a loan modification with the lender for a modification, which lowers the borrower’s expense to less than 38% of gross income down to 31%.

2. The borrower will receive ,000 annually for up to five years for remaining honest on the loan.

3. The lender will receive up to a ,500 for a qualifying loan modification.

4. The entire government subsidy for the program may run up to ,500 per home.

Some of the benefits of The Obama Loan Modification Plan to the Economy are stated below:

1. Reduction in the interest rate after qualifying for a loan modification plan will help people to save more money.

2. The program even offers cash incentives with the objective to entice the borrowers to choose the program.

3. The program also assures 00 for the original loan modification along with 00 additional for three year. But, this is valid only with the condition that you pay your dues on time without defaulting.

4. In addition, the program aims to minimize the interest charges and increase the loan term, if the coveted percentage of the total monthly income is not fulfilled.

However, you will have to fulfill certain criterions to qualify for this new loan modification plan. One pivotal criterion is that you have to be the prime resident and the loan should not date back beyond January 1st 2009.

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Hardship Loan Modification – The Crucial First Step to Save Your Home From Foreclosure

In these difficult economic times, many homeowners are finding once manageable monthly mortgage payments are now very difficult, if not impossible to meet. Whether due to job loss or reduced hours, some folks incomes are not where they were when they took out their mortgage. A hardship loan modification may be the right solution for you if you find yourself in a similar situation and need to act now to save your home. This article will review what new laws have passed in regards to loan mortgage difficulties, what eligibility standards were introduced, and how a loan modification hardship letter delivered to a loan modification lender can begin the process to save your home from foreclosure.

In March of 2009, Congress passed the Making Home Affordable Act of 2009. The act had two main parts; it relaxed refinancing requirements so those previously ineligible to refinance may do so under the qualify loan modification section of the code, and it allowed homeowners to work with lenders to create a modification in which the terms of the loan were rewritten to make the monthly payments more affordable. Typically this involved changing the interest rate.

A homeowner can begin the process by requesting, filling out and sending a loan modification letter to a loan modification lender. The lender will research to see if the homeowner qualifies under the act’s requirements and then begin the process of creating a modified loan. Generally, the homeowner must reside in the home to meet the loan modification eligibility. To expedite this process, many homeowners have enlisted the help of a foreclosure prevention counselor who can handle all of the filing requirements.

During the review process the lender will request certain, specific information to see if you qualify. You should assemble proof of income for the last year for all income earners in the household who are on the mortgage, proof of residency in the household on the mortgage, and documentation of major changes in income.

Those that meet the loan modification eligibility requirements and are approved may also receive benefits in future years from their loan modification lender such as bonuses for on time payments which can significantly aid the homeowner in paying off their mortgage on time while bolstering their credit score. Improved credit scores will save interest costs not only on future mortgages and home equity loans but also auto and education loans as well.

It is also important to point out that lenders have an incentive to participate under the qualify loan modification section of the program as well as they can receive bonuses from the government for successful loan modifications. A well informed borrower should be aware of this when speaking with your lender as you need to know the benefits of the hardship loan modification extend to the lenders as well.

When you are working with a professional foreclosure prevention counselor on your application, make sure the terms are acceptable to you and are financially possible with your current income, as you may only modify your mortgage once under this program. During the process of modifying your loan you should examine all of your household expenditures and see what may need to be trimmed to meet your new mortgage monthly agreement.

Above all, do not procrastinate when you could be saving your home from foreclosure. Congress passed the new laws to give homeowners like yourself an opportunity to negotiate terms that keeps them in their home. Do not pass up this opportunity! Remember that this opportunity will not be available to you if you lose your home to foreclosure and you want to apply for a new mortgage for a different home, it applies to existing mortgages only!

This program can give deserving families a second chance at staying in the homes they love while stopping further damage to their credit. You owe it to yourself and your family to contact a professional foreclosure prevention counselor who can provide you with free advice on how to begin the process to stop foreclosure.
eating a new loan.

On the next page you will find loan modification specialists that have proven track records for helping homeowners modify their home loans and cut their payments in half

So If you want to cut your mortgage payment in half and stop the banks from taking your home then I strongly recommend that you to read everything on the next page before it’s too late!

Visit this page

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Feds Consider Through Federal Student Loans

Pupils are immediately thought to be for pupil loans when they file the annual FAFSA. Pupils who fall short to qualify for federal loans, or who will need to borrow much more to cover their university education fees and costs, can turn to personal loans.

For several college students, a terrific benefit to personal mortgage packages is their households may possibly have also a lot revenue, or too several assets, to qualify for federal assist. So they frequently can’t qualify for a government backed college student mortgage. Even so, there are many private mortgage programs to support with college students who come from a additional affluent financial background.

Qualified loan software programs normally situation loans primarily based on the credit score historical past of the applicant and any applicable cosigner/co-endorser/co-borrower. Normally, households with large assets or massive incomes can locate a in the vicinity of excellent fit, with privately funded pupil loans.

If your borrowing requires are not met by the federal packages, loan providers provide a assortment of supplemental borrowing software programs known as Personal or Choice Loans. However, some graduate systems (notably best MBA programs) are tied to personal loan suppliers, and in all those instances no co-signor is wanted, even for international pupils.

It’s wise to check out out the specifics and benefits supplied by distinct lenders, as you may possibly go with a financial institution that is not the lender your college says is their “preferred” loan company. This is why it is advocate each time attainable, to use for federal help.

Federal loan plans give various rewards, including:

Simple application procedure -

Competitive interest costs -

(and certainly most importantly) – borrowers can delay repayment until immediately after graduation.

Other gains of federal pupil loans consist of:

reduced interest rates-

decreased service fees -

lenient payback policies.

If you have superior credit score, and meet the eligibility specifications, your application for student fiscal assistance will be processed, and you will obtain support primarily based on your financial want. Ordinarily, funding is pretty speedy, but at the moment because of to the economic system, processing and funding instances have slowed down.

Discover out what varieties of financing possibilities are available for you to aid fund your child’s college schooling. To assist simplify the application course of action, gather essential paperwork and other data forward of time. Once your application has been assessed, you will obtain a bundle of data that will involve your loan documents, guidelines on how to negotiate your mortgage documents, and your mortgage evaluation details.

For the reason that of the existing economic environment, and with the existing administration’s proclivity to intervene a lot more and more into person affairs, it is really vital that you get began soon finding out a lot more about, and applying for your college student loans requirements. Suitable now is a great natural environment to utilize for college student loans of all kinds. With the recent economic climate, the approach of application could transform at any time.

College student loans – regardless of whether federal, parent, or private – have their private set of pros and cons. That is why it’s critical to choose very carefully to avoid obtaining lousy debts. To guidebook you in creating that choice, here’s some standard data about student loans that you can use.

Resources for pupil loans are not difficult to obtain.

nonrecourseloan.info is a new website all about how you can get a non-recourse loan by pledging your stock, bond, mutual fund, and others as security and still own them. No qualifying for low interest rates and quick closings.

The Loan Process

When you get ready to buy a home, one of the first steps you need to take is to get pre-qualified for your loan and to become familiar with the complete loan process. The following is a sequence of events from application for loan pre-qualification to recording the deed after purchase;

Schedule an application interview with your lender to get pre-qualified. This important step will identify the exact dollar amount you qualify for, and will give you an idea of the home you can afford. In this interview your loan officer will ask for the relevant documentation needed in order to pre-qualify you.

Your loan officer will order a credit report, verify your employment, check your current mortgage or rent payments and landlord ratings as applicable, and your bank account balance to verify funds are available to close. At this point, if everything checks out, you will be pre-qualified.

Once you have completed your home search and identified a property, your title company will provide a commitment of title insurance and your loan officer will have the property appraised. The loan officer then assembles the loan package and submits it to the underwriter for approval.

The underwriter might ask for additional supporting documents. In that event, the loan officer will check on any problems or inconsistencies and supply the underwriter with the additional documentation as requested.

If approved, the loan documents are completed by the lender and sent to your title company to be prepared for your signature.

Once signed and returned, your lender reviews the loan package. Funds are transferred by wire or check to the title company and the title company disburses the funds to the appropriate parties.

The final step in the process is recording the new deed with the county recorder’s office to make it official. Generally the title company will record the deed for you, but be sure to check.

Good luck!

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