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Mortgage Process in USA

Birds Eye View of Mortgage Process in U.S

The mortgage process in U.S normally comprises of six basic steps and in general takes from 4-6 weeks, and includes 6 major milestones. If you want to taste sweet successful mortgage process in U.S then make sure to understand below mentioned steps:

Apply For Your Loan

Process starts by application for mortgage loan as per needs to potential lender. Explore this part of mortgage process well as future of the whole process depends on this step only.

Submit the Application for Review

A Loan Consultant of lender will review your application and request a credit report for all applicants and submit your information to underwriting department for an initial lending decision.

Receive the Welcome Package

Once you are approved and registered, your title report, appraisal, and flood certification will be ordered and you will receive a welcome information package introducing you to your loan counselor, who will be your guide through remainder of the loan process. You will also receive other important documents to review.

Reports are Review Phase

Your Loan Processor will review the title report, appraisal, and flood certification and verify that all conditions of the initial lending decision have been met prior to obtaining the final lending decision.

After the Final Lending Decision

Your Loan Processor will notify you of the final lending decision and will schedule a date and time for your loan closing.

The Loan is Closed and Funded

Attend the loan closing where you will review and sign the loan documents.

Types of Mortgage Loans Available in U.S

Mortgage loan market in U.S throws lots of option to the potential customers as per the demands. Finding the one that's right for you, is where we can help.

FHA Loans

FHA loans are insured by the Federal Housing Administration and are often referred to as a government mortgage. These loans require lower down payments and accept higher debt ratios than a conventional mortgage so they're good for some buyers who might not otherwise qualify.

While they require lower down payments, they do require a minimum cash investment of 3% of the sales price. If the down payment is less, the balance goes toward closing costs.
An upfront "mortgage insurance premium" (MIP) is required (on a 30-year loan, the MIP equals 1.50% of the loan amount - 2% for a 15-year loan), plus an annual .5% renewal premium for the life of the loan.

VA Loans

VA loans are available to veterans and service personnel who have met the required service time in the military. They're guaranteed by the Department of Veterans Affairs and, in most cases, require no down payment. Loan maximum may be up to 100% of the VA-established reasonable value of the property. A 2% VA loan funding fee is required although a down payment will lower this fee - the fee is 2.75% for eligible Reserve/National Guard personnel. No monthly mortgage insurance is required.

Rural Housing Loans

These low-interest-rate home loans are offered through the Rural Housing Service, a branch of the US Department of Agriculture. They are specifically tailored to low and moderate income persons who live in rural areas or small towns and require no down payment.

Information compiled in above lines in relation to Mortgage process U.S.A will definitely simplify the process for individuals looking for quick mortgage approval.

   
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