Mortgage Loan Process

Introduction to Mortgage Loan

Purchasing a home will more than likely be the largest financial transaction you will ever make in a lifetime. Let's face it, looking for a mortgage can be a bit overwhelming. There are so many questions that need answers and quite frankly, most consumers are not prepared and do not know the answers. For example, when should I begin researching mortgage loans? How do I determine the right mortgage loan program that bet suites my needs? Who do I call to get a mortgage? Should I go to a mortgage bank or should I use a mortgage broker? How do I determine what the best mortgage interest rate is? Should I pay points to lower my rate? How much are closing costs? As you can see, the process is overwhelming. However, we at NORTH COUNTRY MORTGAGE BANKING CORP. have broken the mortgage loan approval process down to the simplest form. As you read on, you will begin to learn all you need to know to make the mortgage home loan process a "breeze."

1. Selecting a mortgage banking
   
   
2. Total cost of a mortgage
   
   
3. Points versus No Points
   
   
4. Mortgage interest rate locks
   
   
5. Completing the loan application form
   
   
6. Preparing for the mortgage loan application process
   
   
7. Details of purchase contract and the property
   
   
8. Personal information needed for the mortgage loan application process
   
   
9. Employment history and sources of income
   
   
10. Personal assets
    
    
11. Down payment funds for home purchase
    
    
12. Personal indebtedness
    
    
13. Additional Information
    
    
14. Request for additional Information
    
    
15. Mortgage processing time
    
    
16. Good faith estimate
    
    
17. Commitment letter
    
    
18. Anxiety of getting mortgage approval