Post by tonymcfallen on May 2, 2020 7:47:06 GMT 2
The process of applying for a mortgage loan can be a stressful. The first thing a borrower should do before going to their bank is acquire a copy of their credit report and check it for errors. If there is any incorrect information, it needs to be disputed as outstanding issues can cause a mortgage application to be rejected or lead lenders to charge a higher rate of interest.
The lender receives an appraisal of the property and this appraisal determines the market value of the home, which is used for collateral in the loan. The borrower is charged a fee for the appraisal service and is usually included in the closing costs.
The lender receives an appraisal of the property and this appraisal determines the market value of the home, which is used for collateral in the loan. The borrower is charged a fee for the appraisal service and is usually included in the closing costs.