The number one most common question I am asked when a customer wants to apply for a mortgage isn’t what is your rate or how much does it cost. The most common question is “how does all of this work?”
Considering how many times I have answered this question over the years, I felt like it was time to put this into writing so that, after I explain to them, I can refer them to this article. That way they have it to refer to any time they have a question. It’s uncommon that I provide a mortgage for a customer who is in the mortgage business already (although it does happen from time-to-time). And even when I do, it is so different when you are the applicant. So, for anyone who doesn’t work in mortgage lending even if they have purchased several homes over the years, the process can be a mystery for several reasons:
In order to explain this properly, I think it would be best to break it down in the steps of the process chronologically and explain each step. Keep in mind however that the time line for each piece of the process is subject to change with respect to when and/or if it even occurs in the process, as again, each mortgage loan request is just a little different. So, with that, here are the steps:
That’s about it in a nutshell. There are a number of steps in the loan process, but keep in mind, a lot of this is done behind the scenes. Usually, a process takes between 30-45 day. Most purchase transactions allow for 45 days with the option to close earlier if needed. With refinance transactions, they take a little longer because of a mandatory 3 day waiting period at the end before funding.
If you have any further questions about the loan process or anything else in relation the mortgage loan, please click here to contact me. I have been in the mortgage industry since 1986 and have seen about every possible scenario imaginable. If there is a way to help you get the mortgage you need, you can be sure I will provide it for you.
Thanks for taking the time to read this.
Bill McInerny NMLS #5077 Agape Home Mortgage NMLS #4986 (503) 243-5626
I got this from a friend and wanted to share it...Empathy: is the ability to understand and share the feelings of another. This is not a bad thing.
Sympathy: is having feelings of pity and sorrow for someone or an understanding between people. This is not a bad thing either.
Empathy and sympathy equal apathy. They can relate with pain and identify with grief, but they are never change agents.
Compassion: is a consuming fire of tender mercies, kindness AND a desire for change. Compassion not only weeps with those that weep but is also convicted by the truth of what can be. Compassion is the reformation that brings life altering transformation. It’s active instead of idle.
Faith does not deny the current situation but sees the beauty that lies beyond it.
Imagine if Jesus had just sat with the man at the pool of Bethesda and felt sorry for him. The poor guy would have been there another 38 years. Jesus had compassion on him and said, “Arise, take up your bed and walk”!
Empathy and Sympathy are not bad character traits but BEWARE! Do not confuse empathy and sympathy with compassion. Empathy plus sympathy never moves. But Jesus was “moved with compassion.”Let 2018 be a year where you are moved to transformation by the King of Compassion!
It’s no secret that over the last few years, home values have risen at nearly unprecedented levels. Perhaps you’ve wondered at times how you could benefit from the increased equity position in your home, thus the purpose of this article.
Many don’t know, unless someone can point it out them, the ways in which this equity growth could benefit them. And with mortgage rates presently very low, the options for smart financial planning abound. Outlined below are some of the ways this increased equity position could be helpful.
Of course there are a number of other ways you could effectively use the equity in your home. These are just a few. Call me or click below to respond to this article with your questions and let’s discuss your ideas and how your equity might better your financial position today while rates are still low. Contact us today to find out more, click here.
Bill McInerny, CFOAgape Home Mortgage LLCNMLS #5077