Adjustable Rate Mortgages
(ARM)
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Download a Mortgage Application
To assist you in your mortgage process, we have provided a
mortgage application for you to download and print.
Two Key Factors in Qualifying for a Home Loan
When a lender makes a decision about a mortgage application,
they consider two basic factors: your ability and
willingness to repay the loan.
Mortgage Terminology
A glossary of mortgage terminology.
Economic Terminology
A glossary of economic terminology.
RESPA (Real Estate Settlement Procedures Act)
This law protects consumers from abuses during the
residential real estate purchase and loan process and
enables them to be better informed shoppers by requiring
disclosure of costs of settlement services.
Annual Percentage Rate (APR)
In comparing any type of loan, whether it be a fixed rate
loan to a fixed rate loan, adjustable rate loan to
adjustable rate loan or fixed rate loan to adjustable rate
loan, there is one way that can be used to compare apples to
apples and even apples to oranges.
Choosing A Mortgage Company
When you are ready to shop for a loan, you can work directly
with a lender or with a mortgage broker representing many
individual lenders.
Your Initial Meeting With A Lender
The loan approval process generally begins with an initial
interview where you and the mortgage professional meet to
discuss the potential loan. You will need to bring
information to verify your income and long-term debts.
After The Mortgage Application
Your mortgage company will begin the work of verifying all
the information you've provided. This process can take
anywhere from one to four weeks, depending on the type of
mortgage you choose, whether you're buying a home outside
your local community, or a host of other factors.
Speed Up The Mortgage Process
Once complete, your application will be given to a processor
in the mortgage company who will organize your paperwork and
may verify your employment, bank balances, and other
information.
Escrow Account Basics
Mortgage escrow accounts are special accounts set up in
which money is held to pay for property taxes, fire and
hazard insurance premiums, mortgage insurance premiums, and
other escrow items.
Real Estate Transaction Forms
Mortgage Application, Good Faith Estimate, Truth in Lending
and other pdf documents.
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