Tracking the Loan Process
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Mortgage Rate Shopping
Credit reporting bureaus treat mortgage application inquiries differently than they treat inquiries for credit cards or similar loans. After all, multiple mortgage loan applications typically result only in a single mortgage loan. You're rate shopping when you try to find the lowest interest rate on a mortgage loan for which you can qualify and you submit many mortgage applications doing it. Mortgage rate shopping might seem as if it would harm credit scores but it doesn't. The "MyFICO" website also says that many mortgage applications in a 14-day period won't harm credit and count as a single credit inquiry.
Mortgage Rate Websites
Many mortgage rate websites on the Internet specialize in delivering multiple rate quotes. Using a rate website, you can shop for mortgage loans and rates from one lender or from many. Generally, most mortgage interest rate websites ask you to rate your own credit and won't ask for a Social Security number upfront. Eventually, though, to obtain a formal mortgage loan interest rate quote you'll need to supply a lender with your Social Security number and other particulars.
Obtaining Multiple Mortgages
There's a difference between obtaining multiple mortgages for just one property and seeking mortgages for multiple properties. Normally, the average homebuyer can qualify for multiple mortgages such as "80-20" loan products to purchase single properties. An 80-20 loan is simply one mortgage for 80 percent of a home's value and another mortgage for the remaining 20 percent of a home's value. Obtaining two different mortgages to purchase two different properties simultaneously usually requires good credit, income and other attributes.
Tracking the Loan Process
139 Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned
140 Follow Loan Processing Through To The Underwriter
141 Add lender and other vendors into the WiseAgent Program to track the progress of sale.
142 Contact lender weekly to ensure processing is on track
143 Relay final approval of buyer's loan application to seller
Getting the Funding You Need
A mortgage loan is one of the largest financial obligations an average person will ever take on. Because your mortgage loan might be with you for years or even decades, it only makes sense to shop for the best one.
However, many homeowners become worried that shopping for or applying for multiple mortgages will damage their credit and any approval chances. Fortunately, you can apply for multiple mortgages and your approval chances for the one you want won't be harmed.
Watch the Tutorial Video
The Loan Process - Viewing Time is 4:43 minutes.
