Mortgage Loan Qualification: Money and Loan Information

It can take from several days to several weeks to process a loan application. The length of time depends on the mortgage environment, the size of the lender, and many other factors. Be realistic. It may take several weeks for your loan to go through. If your loan is not particularly profitable, expect it to take even longer. Money talks. Make sure your broker knows you will be looking at other options too. This will help to keep thing moving. Make sure your rate lock is long enough to cover any delays that "might" occur (assume that there will be delays).

Make sure to get a Good Faith Estimate from your loan broker as early as possible. You want to know all the fees you will be required to pay at closing. Many lenders will have fees for the smallest things that other banks may not have. Yes, you are getting a 5% rate on your loan, but with all the extra fees and points you might have to pay, the real rate on this loan might be a lot higher. Another advantage of getting a Good Faith Estimate is that the form is relatively standardized. You can take the estimate to another broker or your local bank and see if they can beat the offer. Do not be intimidated by pressure tactics that mortgage brokers like to employ. There is a reason why they all seem to take so long to get your loan through. They all wait until it is too late for you to find a better deal... and there is ALWAYS a better deal.

Sometimes the best way to pay for car is not getting an auto loan, but getting a home equity loan. Obviously this means you must own a house, but if you are able to borrow money against the house in the form of a home equity line of credit or second mortgage, you will be able to buy your car at a lower interest rate AND the interest is likely tax deductible. So, before you get an auto loan through your dealership or bank check out an equity loan option. It could save you money.

Mortgage Loan Specialists - Mortgage Loan Specialists Providing residential lending.
The Creative Mortgage Group - The Creative Mortgage Group Mortgage broker offering online home loan pre-qualifications, interest rates, calculators and loan program information.
Candy Kulich - Lake Pacor Home Mortgage - Candy Kulich - Lake Pacor Home Mortgage Loan officer providing loans and pre-qualification information, including online resources.