Mortgage Application
A mortgage application is also called more commonly a 1003 and sometimes a URLA (Uniform Residential Loan Application). The mortgage loan application must be completed in order to apply for a home loa
http://www.brokeroutpost.com/reference/23679.htm (Updated: 06/30/2008)
Related Reference Topics: [1003, mortgage application, urla]

Loan-To-Value Ratio
Loan-to-Value Ratio (LTV) is one of the most important factors banks scrutinize when evaluating the potential default risk of a mortgage loan application. The LTV is derived by dividing the loan amou
http://www.brokeroutpost.com/reference/139660.htm (Updated: 07/19/2007)
Related Reference Topics: [ltv, loan to value ratio, underwriting criterium]

1003
A 1003 is a Uniform Residential Loan Application.
http://www.brokeroutpost.com/reference/22026.htm (Updated: 07/08/2007)

Documenting Assets
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this st
http://www.brokeroutpost.com/reference/23264.htm (Updated: 07/04/2007)

How do I make sure nothing will go wrong with loan
The best way to be sure nothing will go wrong with your loan application is to submit all the documentation the lender requires as soon as possible.
http://www.brokeroutpost.com/reference/32345.htm (Updated: 06/25/2007)
Related Reference Topics: [loan application, loan approval, lender]

What are "Junk Fees"?
Many consumer watchdogs would argue that “junk fees” are any loan costs paid directly to your mortgage broker or lender. Examples of this would be fees paid to your broker for “processing” your loan
http://www.brokeroutpost.com/reference/130406.htm (Updated: 06/07/2007)
Related Reference Topics: [junk fees, costs, loan charges, ]

Income Documentation
NINA, also referred to as No Income No Asset, loans are mortgage loans in which No income and No assets are listed on your resdiential home loan application, also called a 1003. There will generally b
http://www.brokeroutpost.com/reference/24127.htm (Updated: 05/28/2007)
Related Reference Topics: [income, nina, sisa, siva, documentation]

How do I apply for a mortgage
The first step to home ownership is to first complete a mortgage loan application with a mortgage broker. You can either do this in person, over the phone or online.
http://www.brokeroutpost.com/reference/25954.htm (Updated: 05/22/2007)
Related Reference Topics: [mortgage application, first time home buyer]

Closing costs
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically det
http://www.brokeroutpost.com/reference/10987.htm (Updated: 05/17/2007)

Underwriting
Underwriting - The process of analyzing a loan application to determine the amount of risk for the lender making the loan. Underwriting involves evaluating the borrower’s creditworthiness and the prop
http://www.brokeroutpost.com/reference/109799.htm (Updated: 04/04/2007)
Related Reference Topics: [underwriting]

What are compensating factors?
Compensating factors are strengths on a loan application, that will help the underwriter approve your loan, while overlooking any negative factors. These compensating factors often times result in th
http://www.brokeroutpost.com/reference/26096.htm (Updated: 03/03/2007)
Related Reference Topics: [compensating factors, loan approval]

Low Documentation Mortgage
Low Doc loans are loans that require less income documentations. There are basically three types of Low-Doc mortgages, Stated Income loans, bank statements as incomes, and No Ratio loans. Stated In
http://www.brokeroutpost.com/reference/30777.htm (Updated: 08/09/2006)

No Doc Mortgage
A No Doc Mortgage requires no employment, income, or assets to be stated on your loan application.
http://www.brokeroutpost.com/reference/39940.htm (Updated: 06/16/2006)
Related Reference Topics: [no doc, nina]

The Loan Process (Start to Finish)
The Loan Process begins with an initial consultation between the borrower and the broker. During the first conversation, it is extremely important for the borrower to discuss what they hope to accomp
http://www.brokeroutpost.com/reference/18720.htm (Updated: 04/21/2006)

Commercial Loans
Commercial Financing is underwritten on a case by case basis. Every loan application is unique and evaluated on its own merits, but there are a few common criteria lenders look for in commercial loan
http://www.brokeroutpost.com/reference/13066.htm (Updated: 04/20/2006)
Related Reference Topics: [commercial, apartments, income producing]

The Loan Process
What information will be needed for the application (and how it's kept private) Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by
http://www.brokeroutpost.com/reference/27983.htm (Updated: 03/19/2006)

Underwriting
Underwriting is a crucial part to the loan process. Underwriting is the step in which your loan application goes through review and is either approved or denied. There are different types of ways your
http://www.brokeroutpost.com/reference/25744.htm (Updated: 03/06/2006)
Related Reference Topics: [automated underwriting, underwriter, approval]

Closing Costs
Closing Costs Explained Closing costs are the actual expenses that the lender incurs in the origination of a new home loan. Some of the costs are related to your loan application, such as the expen
http://www.brokeroutpost.com/reference/18240.htm (Updated: 02/19/2006)

Reasons Loan Applications Are Rejected
Not realizing you are self-employed. First-time buyers who are self-employed (which can include working at home, being paid by commission only, or owning 25 percent or more of a business) often need t
http://www.brokeroutpost.com/reference/15575.htm (Updated: 02/19/2006)

Good faith estimate
An estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.
http://www.brokeroutpost.com/reference/11012.htm (Updated: 02/19/2006)

Underwriting
The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower's credit history and a judgment of the property
http://www.brokeroutpost.com/reference/11058.htm (Updated: 02/01/2006)