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Mortgage 101

Economic Terminology

Business Inventories And Sales
These figures measure the inventories and sales of manufacturing, wholesalers and retail establishments. These figures are released monthly by the Bureau of Census. In most cases, an increase in these numbers indicates an expanding economy which could be inflationary. Bond Market Moves Down In Price.
Capacity Utilization

Mortgage Terminology

Business Inventories And Sales

These figures measure the inventories and sales of manufacturing, wholesalers and retail establishments. These figures are released monthly by the Bureau of Census. In most cases, an increase in these numbers indicates an expanding economy which could be inflationary. Bond Market Moves Down In Price.

Capacity Utilization

Escrow Account Basics

Mortgage escrow accounts are special accounts set up in which money is held to pay property taxes, fire and hazard insurance premiums, mortgage insurance premiums, and other escrow items. Escrow accounts ensure that these items are paid in a timely fashion. They guarantee that there is always enough money to pay these bills when they are due so that the homeowner avoids the risk of lapsed insurance coverage or delinquent taxes. With escrow accounts, homeowners do not have to worry about coming up with several large, lump sum payments, each with different due dates, throughout the year.

Choosing A Mortgage Company

When you are ready to shop for a loan, you can work directly with a lender or with a mortgage broker representing many individual lenders.
Direct lenders are lending their own money, have in-house programs, and make the final decision on your application. Brokers are intermediaries who represent many lenders and loan programs from which to choose. If you have special financing needs or want to shop the market for the best deal, an experienced broker may be able to find the best loan for you.

After the Mortgage Application

We will begin the work of verifying all the information you've provided.
This process can take anywhere from one to four weeks, depending on the type of mortgage you choose, whether you're buying a home outside your local community, or a host of other factors.

Speed Up the Mortgage Process

Once complete, your application will be given to a processor in the mortgage company who will organize your paperwork and may verify your employment, bank balances, and other information.
Be sure to respond promptly to requests for information while processing is taking place.
Commonly requested items during processing that may not have been collected during the application include:

Mortgage 101: The Process

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The loan approval process generally begins with an initial interview where you and a mortgage professional discuss the potential loan. You can send information to your mortgage professional before the meeting to verify your income and long term debts.

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