Borrowing To Buy Your Home
The introduction to Chapter 5 talks about significant recent regulatory changes in response to the financial crisis in the 2007- 2011 time-frame. These changes are designed to protect mortgage loan borrowers.
5-0 It Is a Brave New World in Lending since the 2007 to 2011 Crisis.
5-0-1 New Mortgage Loan Disclosure Requirements.
Chapter 5 – Part 1
Getting Pre-Approved and Pre-Qualified for a Mortgage Loan
Part 1 of Chapter 5 teaches you about getting pre-approved and pre-qualified for a mortgage loan so you can demonstrate to sellers that you are a serious buyer. It provides a template for comparing lenders.
5-1 Getting Started.
5-1-1 Lender Comparison Shopping.
5-1-2 Where to Begin?
5-2 Pre-Qualification versus Pre-Approval.
5-2-1 Hints about the Pre-Qualification and Pre-Approval Process.
Chapter 5 – Part 2
Determining the Right Kind of Mortgage Loan for You
Part 2 of Chapter 5 walks you through the different types and features of mortgage loans so you can better understand your options and find a loan bested suited to your needs and circumstances.
5-3 Financing the Purchase of Your Home.
5-3-1 Understanding Home Financing.
5-3-2 Loan Features and Costs.
5-3-3 Matching the Proper Loan Type to Your Situation and Needs.
5-4 Other Important Loan Vocabulary.
5-4-1 Government Agencies and Government-Sponsored Entities.
5-4-2 Terms Used to Categorize Loans.
Chapter 5 – Part 3
Applying for a Mortgage Loan to Finance the Purchase of a Specific Property
Part 3 of Chapter 5 walks you through the complete process of applying for a mortgage loan for a specific property. It discusses information and document requirements.
5-5 Apply for the Loan.
5-5-1 Obtain a Loan Estimate (LE) from at Least Three Lenders.
5-5-2 Complete the Application.
5-5-2 Do Not Facilitate or Become a Victim of Fraud or Identity Theft.
5-5-3 Do Not Facilitate or Become a Victim of Fraud or Identity Theft.
5-5-4 Assemble the Documents You Need.
5-5-5 Some Lenders Require an Application Fee.
5-5-6 Be Proactive.
5-5-7 Respond to All Inquiries.
5-5-8 Read the Loan Estimate (LE) Disclosure Document the Lender Sends You.
5-6 Additional Documents Obtained by Third Parties.
5-6-1 Credit Report.
5-6-2 Home Appraisal.
5-6-3 Preliminary Title Report.
5-6-4 Verification of Income (VOI).
5-6-5 Verification of Employment (VOE).
5-6-6 Verification of Rental Payments (VOR).
5-6-7 Insurance Certification – (A Binder from Insurance Company).
5-6-8 Verification of Deposit (VOD).
5-7 Lock Your Rate.