This guide covers the mortgage process leading to clear-to-close and closing on time. The basic steps in the mortgage process leading to clear-to-close and closing on time. The mortgage loan and approval process starts when the mortgage processor is assigned to the borrower’s file. The loan officer will be alerted once the applicant completes and…
This guide covers changing lenders during the mortgage process. Is changing lenders during the mortgage process a good idea? You want to avoid changing lenders during the mortgage process if at all possible. Changing lenders during the mortgage process will cause delays in closing on your home loan. Our mission at Gustan Cho Associates is…
In this article, we will discuss and cover the reasons for mortgage loan denial during the mortgage process. A mortgage loan denial is when a mortgage underwriter denies the home loan application because borrowers do not either meet the federal minimum mortgage lending guidelines or the individual lender overlays. There are reasons for mortgage loan…
This guide covers how to avoid mortgage fraud during the mortgage process. We will discuss what constitutes mortgage fraud and ways of not crossing the line. Mortgage Fraud is any misleading information that mortgage loan applicants, loan officers, homebuyers, sellers, attorneys, appraisers, or other real estate professionals write in a mortgage loan application to secure…
This guide covers credit guidelines in mortgage underwriting process. Just because a borrower meets the minimum credit score requirements and the debt-to-income ratio does not mean that they automatically qualify for a mortgage loan. There are credit guidelines in mortgage underwriting process. Loan Officers must thoroughly review credit reports and ensure borrowers meet credit guidelines…
In this guide, we will cover how the mortgage process work. The mortgage process is similar whether borrowers apply for a home purchase or refinance a loan. There are a series of stages the file needs to go through. Most mortgage applications take 30 days to close from the time the loan originator prepares and…
Apply Now In this guide, we will cover things to avoid during home loan process to close on time. We have covered many blogs on what to do to get a mortgage loan approval. During home loan approval, borrowers must be pins and needles with their credit and finances. There are several things to avoid…
This guide will cover conditional mortgage approval from the mortgage underwriter during the home loan process. Once borrowers submit a mortgage loan application, it gets processed and submitted to underwriting. Once submitted to underwriting, it gets assigned to a mortgage underwriter. Fiona McCue, a senior mortgage processor at Non-QM Mortgage Brokers, explains the role of…
In this blog, we will cover and discuss how to write a letter of explanation to underwriters during the mortgage process. Borrowers who are either buying a home or homeowners who are refinancing their home loan go through the mortgage process by completing and submitting a mortgage application called 1003. Completing a mortgage application officially…
This Article Is About Mortgage Qualification Requirements For Home Loan Programs There are government and conventional loans. There are also non-QM and alternative financing loan programs. Every loan program has its own lending requirements. If a borrower cannot qualify for a government and/or conventional loan because of a recent bankruptcy, Gustan Cho Associates has non-QM…