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Friday, June 29, 2012

What to know about mortgage applications

Purchasing a home is the single largest financial transaction that most of us will make in our lives.  Purchasing real estate is a complex transaction, and using trusted, professional Realtors and lenders is highly recommended in order to make the transaction as smooth as possible.  After the housing market crash, lending regulations have been tightened to help ensure that the predatory lending practices that led to the crash are no longer possible.  If you are thinking of using a mortgage to purchase a home, there are some things you should know to expect when going to the bank to apply for a mortgage.

The mortgage application is a complex form that is used to collect as much information from a Buyer as possible to make sure they are capable of making the payments.  As a Realtor, my Buyers often ask me what to expect when they are going to the bank to apply for a mortgage, as this is not information that most people will know off hand. Thanks to MSN Real Estate, there is a simple guide to mortgage applications to help Buyers know what to expect.  A borrower's guide to the mortgage application offers a breakdown of the 8 sections of the mortgage application, and offers some insights into the information.

If you've been considering purchasing a home, contact me for information on lenders who would be happy to help you determine the correct loan program for you.  Feel free to share this information with your friends and family, and follow my blog to keep up with all my posts!  Friend me on Facebook and follow me on Twitter to keep up with everything I ever post!

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