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Mortgage Loan Process Flow
What is the mortgage process? Georgia’s Own mortgage experts, discuss the mortgage loan process flow.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience, that’s why we’ve constructed a smooth loan process just for you!
After you and your mortgage loan officer complete the initial application, your loan officer will be given a team to help speed it through to closing. The loan process has three main steps:
- Your loan processor will verify the data in the file and order required reviews, such as the appraisal, and submit the loan to underwriting.
- Underwriting will evaluate the information in your file to confirm you meet the guidelines of the loan product.
- Once approved, your loan will go to closing where they will prepare the necessary legal documents and coordinate with the closing attorney.
Our goal is to ensure that this process flows smoothly and that your closing is a time of celebration. Remember, your Georgia’s Own representative is ready to help you with your mortgage lending needs.
3 Common Misconceptions Before Applying for a Mortgage Loan
Georgia’s Own mortgage experts discuss three common misconceptions you should know about before applying for a mortgage loan.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience. We know mortgage lending can be a little intimidating so we want to tackle three common misconceptions and telling you what you really need to know before applying for a mortgage loan.
- “I need a minimum of 20% for my down payment.” – This is actually false. There are loans available with 10% down, 5%, 3% and even 0% down payment requirements.
- “The details don’t really matter.” – Actually because mortgage lending uses what is called risk-based pricing, the details in a mortgage loan are your best friend. This means the mortgage loan that you qualify for and the rates associated with it are determined by your specific details.
- “I need perfect credit to qualify for a mortgage loan.” – Here’s the big secret, no one has perfect credit. Yes, some people have excellent payment records, but that doesn’t mean it won’t be a challenge. Always assume the best and work your mortgage loan officer so they can help you get what you need.
Don’t let the intimidation factor of the mortgage process get you down or stop you from achieving your dreams. Remember, your Georgia’s Own representative is ready to help you with your mortgage lending needs.
Why Should I choose Georgia’s Own for my Mortgage?
Why should I trust Georgia’s Own for my mortgage needs? Georgia’s Own mortgage experts tell you why.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience, that means we want to focus on three things for you:
- Service – We go beyond a friendly smile and establish a set of clear service level commitments so that our members can depend on us to be there ally.
- Products – Our team has worked hard to develop a wide range of fixed and adjustable rate mortgage products that best suit your financial situation.
- Cost – In addition to offering low rates, we also work to reduce fees, including eliminating the State of Georgia Intangible Tax.
With a wide variety of mortgage products, Georgia’s Own can get you in the home of your dreams. Remember, your Georgia’s Own representative is ready to help you with your mortgage lending needs.
Home Inspection vs Property Appraisal
Georgia’s Own mortgage experts describe the difference between a home inspection and a property appraisal.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience. The mortgage process consists of many moving parts and then one thing that towers above them all is the review of the home. This includes both the evaluation assessment and detailed review of the home’s condition. Let’s explore the difference between the home inspection and property appraisal.
A home inspection is a non-invasive visual inspection of the residence, performed for a fee by an independent vendor you hire. The inspection is designed to identify any observed material defects including, but not limited to, the foundation, electrical, plumbing, roof, etc.
A property appraisal is the homes estimated market value based on comparable recent sale of homes in the neighborhood and is conducted by a licensed appraiser. Appraisals are ordered by the lender to protect the interest of the lender.
If you have more questions, remember, your Georgia’s Own representative is ready to help you with your mortgage lending needs.
3 C’s that Help Determine Mortgage Loan Approval
Georgia’s Own mortgage experts discuss the three basic C’s that help determine mortgage loan approval.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience. While mortgage lending can be intimidating, we’ve broken it down into three things you should know.
- Creditworthiness – Contrary to popular opinion, this isn’t just a review of your FICO score. An assessment of your credit takes into account the details of all reported debts to determine a pattern of satisfactory payment history and your ability to support debt similar to what you’re requesting.
- Capacity – Capacity is how much you make, how much you have for a down payment and how much you’ll have when the transaction is done. The goal is to ensure that the home will not be a financial burden for you.
- Collatoral (Property) – This is the assessment of the home you want to buy which examines zoning, type, general condition, functionality, marketability and location because the home is the asset that secures the loan you’re seeking. The review also determines the value of the home.
Getting the Most out of your Loan Officer During the Mortgage Process
Georgia’s Own mortgage experts tell you what you should do to get the most out of your loan officer during the mortgage process.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience and no one is more focused on doing that than your ally, your mortgage loan officer. So how do you get the most out of your loan officer?
Your loan officer is your personal subject matter expert. Their job is to help you find the best loan product and terms based on what you want to accomplish. During your initial conversation, your loan officer will conduct a free, basic review of your financial situation and provide you with a pre-qualification which tells you how much home you can afford. Once you’re ready to move forward, your loan officer will help you start your application and do a pre-approval, which is a more in depth version of the pre-qualification.
During the pre-approval process we will verify your income, debts and other aspects of your financial situation. We’ll ask questions such as: how long you plan to live in the home? Do you want to pay off the loan quickly or do you want a longer term if possible? Do you want to put down a large down payment or as little as possible.
Remember, this process is all about, so make the most of it! Your Georgia’s Own representative is ready to help you with your mortgage lending needs.