House hunting can be an exhilarating process as you try to pick that perfect property. Applying for a mortgage isnt nearly as much fun. Following is an overview of how the mortgage industry works.
An Overview of the Mortgage Process
You have a nice chunk of money saved away for a down payment. You have started shopping for a home or have found the perfect property. It is time to enter the world of financing, better known as getting a mortgage. Before entering the labyrinth, it might help to get an overview of how the mortgage process works.
A mortgage simply is a debt instrument that acts to secure a cash loan to you on a home. In exchange for giving you the money, the lender puts a first lien on the prospective home for loan amount. If you default, the lender can foreclose and sell the home to recover the debt amount.
In mortgage industry terms, applying for a mortgage is known as originating a loan. To originate the loan, you will first have to find a lender you are comfortable with. You may have a close relationship with a bank that will suffice. Many will find it advisable to use a mortgage broker to shop for the loan that best meets their...
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