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Mortgage Loan Application
After your offer to purchase the property has been accepted and you have identified the lender you will use, your next step is to apply for a mortgage loan.
Initial Interview - Typically, the initial interview will be held in the lender's office and takes about an hour. During the interview the lender will ask questions related to income, expenses, credit history, employment and the terms of the offer to purchase the property. Some lenders permit the initial interview to be conducted over the telephone. At the conclusion of the interview, you will have 1) completed an application, 2) been pre-qualified by the lender, 3) paid a fee for the credit report and appraisal, 4) received the HUD handbook on settlement costs, and 6) received an ARM disclosure (if applicable).
Mortgage Loan Application - Is in essence a application supplied by the lender for the borrower to apply for a mortgage loan. The completed application must be signed and dated by you.
Pre-Qualifying - Once you have completed the mortgage loan application, the lender will perform pre-qualification calculations to determine whether your monthly income is adequate enough to support the monthly payments on the loan amount you requested. Some lenders at this point may also run an in-file (one repository) credit report to determine whether there are major credit problems that would prevent you from being approved for the loan. The pre-qualification process involves calculations that can be performed by our office easily over the phone. It should be noted at this point that pre-qualification is not be confused with pre-approval. Pre-qualifying merely lets the lender know "how much" mortgage you would qualify for under certain mortgage conditions based on your gross monthly income. For more information please contact Prime Lend America Mortgage Corporation - Call Toll-Free: 1-877-US-PRIME
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