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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