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(Application
is the formal request for a mortgage
approval. When filled in with the borrower's
personal information and submitted with
income and asset documentation, the
lender underwrites and either approves
or denies a borrower's request for a
mortgage)
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Application - It can occur in
person, over-the-phone, or on-line
through AmericanLogMortgage.com (depending
what is most convenient for the borrower(s)
and lender). The borrower's personal
information is collected and added
to the application document. The application
and the appropriate mortgage loan
disclosures are sent to the borrower(s)
to sign and forward back to American
Log Mortgage.
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Good Faith Estimate - Your loan
officer sends each borrower an itemized
list of estimated costs that the borrower(s)
may incur during the mortgage transaction.
The estimates are generally higher
then the actual costs due to the fact
that they are estimated off of information
that is not state specific. For example,
tax and title insurance information
is not given to the lender/loan officer
until the borrower's closing agent
provides it.
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Underwriting - once your American
Log Mortgage Loan Officer receives
the application, disclosures, and
income and asset information, an Underwriter
reviews your request for a mortgage.
American Log Mortgage issues a mortgage
commitment letter upon approval.
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Mortgage Commitment Letter - Upon
approval, American Log Mortgage issues
the commitment letter to officially
state, in writing, under what terms
the is considered approvable. Usually,
the terms of the loan are called loan
conditions.
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Closing Conditions - The documentation
that needs to be obtained prior to
closing a loan. Standard closing conditions
include, but are not limited to, the
following examples: an acceptable
appraisal, title insurance, source
of the funds (money) needed to make
down payment and closing costs, signed
contracts between the borrower(s)
and builder, and any applicable insurance
policies (homeowners/flood).
***Please note that the borrowers
are not obligated to American Log
Mortgage for anything at this point.
Borrowers do not have to start repayment
of the mortgage until they go to closing.
Borrowers may revoke their dealings
with the mortgage company at any time
before closing.***
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