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    Understanding the Mortgage Process
    Understanding the Mortgage Process
    Understanding the Mortgage Process
    Ebook65 pages26 minutes

    Understanding the Mortgage Process

    By Lauraine Madison

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    About this ebook

    Does the mortgage process scare you,or it might seem overwelming? If so fear no more!  This book describes every aspect of getting a mortgage loan.  It discusses how a mortgage rate is determined, picking the right kind of loan, picking the right kind of lender for the situation. I have taken my 16 years in the mortgage industry and shared it with everyone.

    LanguageEnglish
    PublisherLauraine Madison
    Release dateJan 10, 2022
    ISBN9798201729608
    Understanding the Mortgage Process
    Author

    Lauraine Madison

    I was a mortgage banker for 16 years in SE Florida. While in the mortgage industry, I met people from all social classes and income brackets. I have seen thousands of applications in my career, ranging from $60,000 loans to $10 million. I noticed one major common misbelief about money: “The more you make, the better your life will become.” Now, I want to share what I have learned in hopes that my experience can benefit you and start you on a life-changing journey of your own.

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      Book preview

      Understanding the Mortgage Process - Lauraine Madison

      Introduction

      A picture containing indoor, computer, dark Description automatically generated

      Buying a home is a puzzle with many pieces. This step by- step guide will help you to make the best choice for your current situation. In this guide I will answer the usual questions we all have; how to choose the right lender, what mortgage to get, and if your rate is the best choice for your situation. I also intend to explain credit, lending limits, and debt ratio.

      Credit

      YOUR CREDIT SCORE IS partially based on how much you can borrow, but the weight of your score is based on how you pay what you borrow back. Someone with a 20k credit card with a zero balance will have a lower credit score than someone with a 10k credit card with a 3,000- dollar balance. The reason is a lender cannot tell how you will pay them back if you do not have a proven track record of on-time payments in the credit bureau. If on the other hand you have no credit in the credit bureau, but you have a charged-off doctor bill. (Charged off is what a lender will do if you do not pay them, it also tells other lenders hey this person owed me x dollars and did not pay it back), then your credit score will be around 350. This is because you have no good history to offset the bad.

      Credit Myths and Truths

      1)  I need an 850-credit score to get the best rate. FALSE. Lender's rates are based on credit score ranges and other factors like time on the job, type of job, and debt ratio. Someone with a 720 or 740 credit score will get the same rate as someone with an 850 on a mortgage. Do not run yourself crazy trying to get to 850, it just is not worth it.

      2)  FREEZE your credit report. TRUE. It will protect you from your credit being stolen and protect you from yourself. It will prevent you from making an emotional buy and applying for credit for an impulsive purchase.

      3)  Must have 850 credit score. FALSE. An

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