During this time period we gathering documentation supporting the borrower’s income and debts, evaluate the borrower’s credit report and come to the understanding of what the borrower’s goals and needs are. Upon determination...

To properly analyze a Mortgage Program, the borrower needs to consider how long they plan 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...

The application is the true start of the loan process and usually occurs between days one and five of the start of the loan process. With the aid of an Advanced Funding Mortgage Loan Advisor, the borrower completes...

Once the application has been submitted, the processing of the mortgage begins. The processor orders any additional credit information needed, the appraisal and title report. The information on the application, such as bank deposits and payment...

If you are purchasing or refinancing your home, and you are salaried you will need to provide the past two-years W-2s and one month of pay-stubs: OR, if you are self-employed you will need to provide the past two-years tax returns. If you own rental...

Most people applying for a home mortgage need not worry about the effects of their credit history during the mortgage process. However, you can be better prepared if you get a copy of your credit report before you apply for your mortgage...

An appraisal of real estate is an estimate of value on real property. The appraiser does not create value. The appraiser interprets the market to arrive at a value estimate. As the appraiser compiles data pertinent to a report, consideration must...

Once the processor has put together a complete package with all verifications and documentation, the file is sent to the lender. The underwriter is responsible for determining whether the package is deemed an acceptable loan. If more information...

Once the loan is approved, the file is transferred to the closing and funding department. The closing department notifies the title company of the approval and verifies closing fees. The title company then schedules a time for the borrower to sign...