If you are thinking about getting the mortgage loan and you have no idea of what you should do, then you have come to the right article. Having a mortgage loan will not be easy, and it will not help if you don’t have the right information that will guide you through. If you walk into the lender’s office blindly with having the knowledge of anything then most likely you will not even get the mortgage loan. General information is the information that will give you a clear understanding of all there is to know about the mortgage loan. Click here for the FHA 203k Lenders. Continue reading to understand the general information about the mortgage loan.
The loan estimate
The loan estimate will be the three letter long that you will receive after three days when you have completed everything there is to the loan application. It will have all the information that you have to know about the mortgage loan. It will have information about the interest rate, insurance and what will happen if the payment procedure was to change in the future. It will also include the features that you have to know if the payment will have like any penalties that you should be aware of. That’s the main reason that you should go through the loan estimate once you receive it. So that to be able to tell if you will be okay with the terms.
Intent to proceed
Once you have gone through the loan estimate, then it will be all upon you to decide if you will be okay with the loan or not. Once you decide that you will not go ahead with the loan, it will not be your responsibility to do anything. If you decide that you will be okay with the terms, then you should make plans of calling the calling the bank or write a letter to them. You will be given ten working days so that you can be able to respond to the loan estimate.
Once you have given the intent to proceed then the bank will start to process the mortgage loan. The processor of the loan will request for the credit report and the title report. The information like the payment history then will be filled. You will be required to explain if you notice that a certain repayment will be delayed. After they have checked all the title report and they verify that they are legit, then the application form will be paced to the lender.