Overview After the 2008 mortgage crisis shook the residential mortgage industry to its core, regulators stepped in with the goal of making lending more transparent and less confusing for consumers. This resulted in many new regulations with standardized procedures, requirements, documentation, and disclosures. Arguably the most important implementation to come from this overhaul was the […]
Search Results for: Closing Disclosure
What is the Closing Disclosure?
The Closing Disclosure (CD) outlines the terms of a new mortgage to the potential borrower so that they can review it before signing final loan documents. The Closing Disclosure features a standard format that makes all of the final figures and loan terms easy to comprehend. The Closing Disclosure was introduced to the mortgage industry […]
Initial Loan Disclosures: What exactly is this?
When applying for a new mortgage loan, there is an abundance of documentation, disclosures, and regulations involved. Whether you are looking to purchase a new home or refinance an existing mortgage, one of the first steps in the loan process is to review and e-sign a set of ‘Initial Loan Disclosures’. The mortgage lender will […]
The Loan Closing Process: What to Expect
When it comes to the loan process, there is a lot that happens in a short span of time. Once approved for a loan, it can feel like a whirlwind of documentation and due dates. To make the light at the end of the tunnel a bit clearer, we’ve broken down exactly what is essential […]
Mortgage Terms: Here’s What You Need To Know
Key Mortgage Terms As if mortgages weren’t confusing enough, there are all sorts of big words and vernacular that we don’t use in day-to-day life. To help clarify some of these terms we have created this mini mortgage glossary. If you come across a term you don’t see in this glossary, give us a call. […]
The Mortgage Process: Step-by-Step
So you’re looking to purchase a home and are ready to start the process. Before starting your search, getting pre-approved for a mortgage loan is the best place to get started. The good news is that while the specifics of the loan process vary lender by lender, the general loan format is often similar. We […]
The Right of Rescission: What is This?
By law, borrowers refinancing their Conventional mortgage loan receive a mandatory three day period after signing their final loan documents. During this recession period, the borrower can rescind or cancel the loan and walk away for any reason whatsoever. This is called the Right of Rescission, and it gives homeowners the absolute right to cancel […]
What to Expect With The Refinance Process
Borrowers often have anxiety about refinancing and going through the taxing journey of gathering their personal financial documentation. The good news about refinancing is it is very similar to the original loan process. So, if you are already a homeowner, you likely have been through the mortgage lending process already and are well apt to […]
Our Loan Process
Today’s real estate landscape is extremely challenging and most offers to purchase real estate will not be accepted without an accompanying letter from the lender stating that you have made a loan application and have been pre-approved by an accredited lender. Getting pre-approved consists of an in person or on the phone meeting getting to […]
Loan Estimate: How to Read a Comparison Table
When applying for a mortgage loan, one of the key initial disclosures you will receive is a Loan Estimate. This Loan Estimate breaks down the terms of your new mortgage loan as well as the closing costs associated with the loan. On page 3 of the Loan Estimate, you will see a chart labeled “Comparisons”. […]