Tips for Fast Mortgage or Refinance Application Processing

Tips for Fast Mortgage or Refinance Application Processing
Tips for Fast Mortgage or Refinance Application Processing
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Home Page > Writing > Non-Fiction > Tips for Fast Mortgage or Refinance Application Processing
Tips for Fast Mortgage or Refinance Application Processing
Posted: Mar 26, 2007 |Comments: 0
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Tips for Fast Mortgage or Refinance Application Processing
By: Jonathan Hansen
About the Author
Jon Hansen is an expert on mortgage, refinance, debt consolidation, home loans, equity lines of credit, ad offers free unbiased consultations. Free information is available at his online mortgage library – http://www.mortgage-refinance-info.com/library.aspx or call 800-772-7027.
(ArticlesBase SC #122121)
Article Source: http://www.articlesbase.com/ – Tips for Fast Mortgage or Refinance Application Processing
When applying for a mortgage or refinancing your adjustable rate mortgage, (ARM) giving exactly the correct information will insure smooth processing of and faster approval of your mortgage or refinance application.
Processing of the mortgage application form is the most important period during the entire lending process, determining whether or not you’ll receive the requested loan. The lender will draw your credit score, your existing debts and associated payments, social security number, existing address, and any other information they need from this application. Any shortage of information may result in rejection. It is your sole duty to give only the correct statements in your application for your protection and safety. Any fraud during the process is a punishable offense.
There are many federal laws that protect the right of the consumer during the processing of your application. Fair housing acts do not permit any lender or broker to discriminate against you on the basis of sex, creed and color, age, income, marital status, origin and race. The lender is also required to show you a Truth in Lending document, which outlines all of the fees associated with your new mortgage, or refinance. There are so many state and local laws that protect the fair housing rights of the consumer. Be attuned to them. The laws apply to both taking lending laws and the sale of the home to the buyer. Very often, you may find that you’ll be charged extra at settlement because of your lack of credit worthiness or financial trouble. You may file a case against the discriminator to the agency appropriate for handling this issue.
If your application is rejected because of your credit report rating, you may need to know the correct information of your credit report. You can file a case against the inaccuracies if you find such in your credit report. Both the company that rejects you and the consumer reporting agency (CRA) must investigate your case. CRA must delete the erroneous information, if found.
You have the right to receive a copy of the appraisal report. The lenders need to know the value of your home for loan purposes and hire a professional appraiser for this task.
As a smart consumer, be educated as to the procedures for making application and your rights during the processing of the application form. You should always stay current with the state laws and acts that protect your right to fair housing.
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(ArticlesBase SC #122121)
Jonathan Hansen -
About the Author:
Jon Hansen is an expert on mortgage, refinance, debt consolidation, home loans, equity lines of credit, ad offers free unbiased consultations. Free information is available at his online mortgage library – http://www.mortgage-refinance-info.com/library.aspx or call 800-772-7027.
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Introduction To Mortgages Today
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