If you’re like most people, getting a mortgage can seem like a confusing, overwhelming and oftentimes, frustrating process. You have lots of questions and need guidance in selecting the best options to fit your financial goals. Imagine if you had a close friend who works for a lender that could share with you all the answers without adding sales pressure or making you feel intimidated. How would that direct relationship change your feeling about the process?
In Mortgage Matters: Demystifying the Loan Approval Maze, seasoned mortgage loan officer Sylvia M. Gutiérrez walks you through a step-by-step explanation of the process providing you tools and tips in laymen’s terms empowering you to:
Sylvia shares the thoughts behind the lender’s questions, illustrates the implications of the answers given and provides an easy to follow blueprint of the application process. You’ll learn how to demonstrate you’re a capable borrower, narrow down program options that may be right for you, identify how a lender calculates your Ability-to-Repay, understand what it means to have a Qualified Mortgage, avoid the specific challenges affecting the immigrant community, increase your credit scores and lower your overall interest costs by committing to sound financial practices, keep the process moving forward by measuring expectations, and ultimately, make your experience a most pleasant one.
From 2010-2012, the mortgage industry funded only 60% of the 33 million loan applications received. This means that approximately 13 million families had their loan applications denied or withdrawn.
What are you doing today to prepare for your family’s success in the mortgage process?
Challenge yourself to committing the next 48 hours to gathering and reviewing supporting documentation, confirming the credit repositories are reporting accurate information, and increasing the likelihood of closing your mortgage transaction within four weeks of making application. Visit the book companion website MortgageMattersBook.com for free tools supporting content, downloadable resources, and important links to industry providers.
CHAPTER 1. Steps Toward Homeownership
CHAPTER 2. The Mortgage Market
CHAPTER 3. Originator Engagement
CHAPTER 4. Basic Concepts of Mortgage Lending
CHAPTER 5. Answers to Your Most Common Questions
CHAPTER 6. Why Managing Your Credit Matters Most
CHAPTER 7. Documentation Standards
CHAPTER 8. Comparing Loan Program Options
CHAPTER 9. Managing Expectations
CHAPTER 10. The Uniform Residential Loan Application (The 1003)
CHAPTER 11. Challenges Affecting the Immigrant Community
CHAPTER 12. HOAs: Condo’s, Co-Ops, and PUDs
CHAPTER 13. Homeowners Insurance Requirements
CHAPTER 14. Standard Forms and Sample Letters of Verification
CHAPTER 15. Loan Servicing
APPENDIX: Mortgage Industry Challenges
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