If you are thinking about applying for a mortgage loan, it is advisable to start preparing in advance for the application process, which can take time and often times, more than a little patience. Before you begin making your rounds to talk to lenders in person, know what is needed for the application process, be aware of common mistakes, and make sure you understand what you can and should expect upon completion.
Before you even meet with your first prospective mortgage lender, it is wise to do extensive research on mortgage companies that you are thinking about. Once you have a handful of prospects, start your calling process to ask for references, make sure they have satisfied customers, and find out what percentage of their mortgage applications are denied. If more than 10% of their loans are denied, it is advisable to look elsewhere.
Do you have more questions about the mortgage refinancing loan application process? Click on a question below to get the answers you need to make informed, educated financial decisions.
- How Should I Approach the Process of Applying for a Loan to Refinance My Mortgage?
- What Documents Do I Need to Have Available to Apply for a Loan?
- What Do Mortgage Lenders Look for in Loan Applicants?
- What Mistakes Should I Avoid in the Loan Application Process?
- Does My Credit History Effect My Ability to Get A Mortgage Loan?
- Does My Income Effect My Ability to Get A Mortgage Loan?
- What Happens After I Submit My Application?
- How Should I Approach Making a Down Payment and the LTV Ratio?
- Why Is Locking In My Interest Rate So Important?
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