COMPARE CLOSING LLC

Assuming you have already decided to get a  mortgage loan  or a refinance, we can discuss a few common do’s and don’ts while you are in the process of getting one. This way you can avoid any pitfall that could lead to cancellation of the loan that you and your loan officer have been working so hard. Preparation It doesn’t matter if you are getting a loan or a refinance, what is important is that you prepare well before you apply for the same. It includes in making sure you have all the documents ready like your W2’s, pay stubs, home owner’s insurance, bank statements, etc. Keeping your debts to a minimum could be a great help. Check your credit score before you apply and make sure there are no discrepancies on your credit. Even if there are, get in touch with the respective creditor or the  credit bureau  to get it resolved before you apply. If you are planning to buy a new house make sure you know how m...

About Mortgage A Mortgage is a loan where your property or real estate is used by the lender or bank as collateral. Once the lender or bank lends you a mortgage, you make a promise to repay the home loan you have borrowed with the interest rate agreed at the time of origination. The title of the property is in the borrower’s name however the lender has a 1st lien on the title till the loan is paid off. If the borrower fails to make timely payments, the lender can foreclose on the house to recover the remaining loan amount. The lender  owns the house until the loan is paid off. How Does A Mortgage Work? Mortgage loans are usually taken by individuals who do not have enough cash funds in hand to purchase a property. Based on the property value and a few other parameters Banks or Lenders will decide how much of the loan can be approved (Maximum up to 97.5%) and the rest will have to be the down payment made by the borrower. However,...