David Gotterup Owner - Solutions Home Express Home

Processing of your Estimated Loan

The lender will typically submit the application package to an
automated underwriting system that will provide the lender with the
necessary documentation needed for loan approval. In some cases, the
lender may also manually underwrite an application package.

The lender's processor reviews the credit reports and documentation
to verify your employment, debts, and payment histories. If there are
unacceptable late payments, collections, judgments, etc., the processor
requests a written explanation from you. The processor also reviews the
appraisal and survey and checks for property issues that may affect
final loan approval. The processor's job is to put together an entire
application package for the lender's underwriter.

WHICH LOAN IS RIGHT FOR YOU?

In the past every home owner got the same loan: a 30 year fixed
mortgage. Today there are many different loan programs and choosing the
right one could save you hundreds of dollars on your monthly payments.

How Long Do You Plan

On Living In The House? We Recommend

Not Very Long (1-3 Years) 3/1 ARM, 1 year ARM or 6 month ARM

A few years (3-5 Years) 5/1 ARM

At least 5 years (5-7 years) 7/1 ARM

Around 10 years ( 7-10 years) 10/1 ARM, 30 yr fixed or 15 yr fixed

A long time (10 plus years) 30 year fixed or 15 year fixed

Express Home Solutions A
fixed rate mortgage (FRM) is a mortgage loan where the interest rate on
the note remains the same through the term of the loan, as opposed to
loans where the interest rate may adjust or "float." Other forms of
mortgage loan include interest only mortgage, graduated payment
mortgage, variable rate (including adjustable rate mortgages and
tracker mortgages) , negative amortization mortgage, and balloon
payment mortgage. Please note that each of the loan types above except
for a straight adjustable rate mortgage can have a period of the loan
for which a fixed rate may apply. A Balloon Payment mortgage, for
example, can have a fixed rate for the term of the loan followed by the
ending balloon payment. Terminology may differ from country to country:
loans for which the rate is fixed for less than the life of the loan
may be called hybrid adjustable rate mortgages (in the United States).

This payment amount is independent of the additional costs on a
home sometimes handled in escrow, such as property taxes and property
insurance. Consequently, payments made by the borrower may change over
time with the changing escrow amount, but the payments handling the
principal and interest on the loan will remain the same.

Fixed rate mortgages are characterized by their interest rate
(including compounding frequency, amount of loan, and term of the
mortgage). With these three values, the calculation of the monthly
payment can then be done.

Benefits:

* Reduce Your Interest Rate and Payment

* Cash Out Equity for Home Improvements

* Consolidate Debt

* Lower Monthly Payments

To Refinance You'll Need:

* Current Appraisal and Analysis

* Verification/Explanation of Assets and Income

* Click Here to Apply Now

* Click Here To See Paperwork Needed

Express Home Solutions News

No point, No fee Programs

* No closing costs

* Less money required to close

* Higher rates

* Higher payments

Types of mortgage instruments

Two types of mortgage instruments are commonly used in the United
States: the mortgage (sometimes called a mortgage deed) and the deed of
trust.

The mortgage

In all but a few states, a mortgage creates a lien on the title to
the mortgaged property. Foreclosure of that lien almost always requires
a judicial proceeding declaring the debt to be due and in default and
ordering a sale of the property to pay the debt.

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