What is the Mortgage Loan Process for Today?

The Mortgage Loan Process
The loan process for borrowers in 2011 is often reported incorrectly, but there are certain items that have become standard in today’s lending market that simply were not required in the growth years of 2003-2007.  First of all, every borrower should be prepared to provide full documentation of income and assets for every loan.  Once the lender has had an opportunity to evaluate the borrower’s credit, income, property type and of course transaction type (either a purchase or a refinance), then possibly less documentation may be allowed.

If you are self employed, the golden rule is this “You must report income for a lender to qualify you for a loan”.  Many borrowers believe that the…

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Where are the interest rates going to do in the future? 
A look into the crystal ball.........

Let me give you some insights as to what the real estate field is hearing.
Currently interest rates are hovering in the low 5% range.  


In a recent article written by Michael Pollick of the Sarasota Herald-Tribune dated March 30, 2010,   Michael wrote,

” Signs are pointing to the end of the era of 5 percent mortgages, one that already has lasted longer than most thought it would.  It is clear that the combination play used by the government and Federal Reserve to stimulate the residential real estate market in 2009 and 2010 -- artificially cheap mortgage rates coupled with lucrative federal tax credits and easily available Federal Housing Administration loans --…

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