Cheat Sheet. For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second largest expense item. Before you get a mortgage, be sure you understand your personal financial situation. For example, with bank statements, make sure to get all of the pages, including the blank pages. The Ultimate Mortgage Acronym Cheat Sheet. ... truthful mortgage application as a key to getting the loan you want. Thursday, March 30, 2006 Interview Your Loan Officer. Though a home loan does indeed involve a few equations, it's fairly easy to break it … Our goal is to make you as knowledgeable as possible before you commit to a particular mortgage, so to help you get started here are few tips and a monthly payment calculator to get you acquainted with mortgages. Loan Officers should review the Loan Officer Document Checklist and following link. Title: PROCESSING INFORMATION WORKSHEET Author: Starla Pham Created Date: 7/6/2005 1:03:00 AM Company: Pleasanton Mortgage Other titles: PROCESSING INFORMATION WORKSHEET Most obstacles to mortgage qualification can and should be overcome prior to submitting a loan application. You may save time and money. Mortgage Home Loan Cheat Sheet 3 out 4 Borrowers choose a New Loan Officer when looking for new Mortgage Options! Once the list of documents from borrower is collected,  thoroughly review each line item and make sure that the borrower has provided complete packages. All Rights Reserved. This is part of the disclosures where the opening department of the mortgage lender will send out and/or mortgage processor if the processor is the one sending out the disclosures: Borrower’s Drivers License & Social Security Card: Real Estate Sales Contract On Purchase Transaction (Purchase): Sales Contract On Current Residence (Purchase): Homeowners Insurance Declaration Page (Refinance): Loan Officers need to realize that the pre-approval process is the most important phase of the entire mortgage loan process. HARP Refinance And How Does It Benefit Homeowners? Below Is Additional Documents Required And Details Of Above List (Link) Of Documents Required To Process Your Loan : FULL DOC ORIGINATION CHECKLIST(ALL LOANS INCLUDING AUTOMATED UNDERWRITING LOAN DU/LP)REQUIRED FROM ALL BORROWERS. Enter income and debt information, and the template will calculate ratios and qualifying monthly payment amounts. When you’re shopping for a mortgage, you could easily waste many hours and suffer financial losses by not getting the best loan that you can. There are so many acronyms in the mortgage space that often it can seem like a foreign language. For example, on a 30-year mortgage of $125,000 at 7.5 percent, you multiply 125 by 7.00 (from the table) to come up with an $875 monthly payment. Save my name, email, and website in this browser for the next time I comment. Refinancing — that is, obtaining a new mortgage to replace an existing one — can save you big money. Take stock of the situation. Gustan Cho and his team of licensed mortgage loan officers and support staff are experts in originating and funding loans with no lender overlays. However, some “special” loans, such as 100 percent loans and balloon loans, can be toxic. Our tools include policies, procedures, checklists, risk assessments, worksheets, training tools and much more. On the flip side, a borrower can have perfect credit scores of 800 FICO PLUS and never ever had a late payment in his life but with no documented income, it means no LOAN. Career Opportunities/Loan Officer Training, Loan Officer Document Checklist To Start Mortgage Process, Portfolio Mortgage Loan Programs For Foreign Nationals Home Buyers. We give people a second chance at life to own a dream home... © 2020 - Gustan Cho Associates. Unfortunately for most of us, the mortgage field is jammed with jargon and fraught with fiscal pitfalls. After you get a mortgage to purchase a home, stay informed about interest rates, because a drop in rates could provide a money-saving opportunity. September 24, 2019. Interview your potential Loan Officer! In this article, we will cover and discuss Loan Officer Document Checklist. How long do you expect to keep the loan? Tammy's mastering agency guidelines has landed her role to be in charge of compliance, licensing, and the secondary mortgage markets.

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