A look at how it comes together.
Before You Apply It's commitment time!
Have you really shopped around? Are you fairly sure this is the loan you want and the right lender to borrow from? If you're not really confident about your choice of lender, this is a good time to change your mind. Once you apply for a mortgage, you must pay a non-refundable application fee of $300 to $400 to cover the costs of an appraisal and credit check. Now is the time to inquire about the lender's policy on credit problems, if you have any, to see if they're willing to be flexible.
Be Patient It can take some time.
The application interview could take place in the lender's office, in the Realtor's office or even in your home. Make sure that the loan officer answers any questions you may have on the loan application. Be cooperative and patient. Don't be surprised if your lender calls you back and requests documents a second or third time. Provide them as soon as possible because every day of delay could cause you to lose your lock-in agreement. But make sure you're treated cordially. Remember also that there are several federal laws that protect you during your loan processing. These prohibit lenders from rejecting applicants on the basis of age, sex, race, color, religion or marital status.
Time to Learn in Action
Jumping financial hurdles and qualify for a loan...
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