What Are Reserves? Reserves are liquid or near liquid assets that are available to a borrower after the mortgage closes. On every loan transaction, reserves are required to be verified as part of the approval process. Acceptable sources or reserves […]
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Loan Process
Should I Unfreeze My Credit During a Mortgage Loan Process?
All Fannie Mae and Freddie Mac loan originators will require that all three bureaus be unfrozen to allow them to pull from a 3. Many borrowers feel that that is only one in unfrozen that will be enough for the lender, Wrong. All mortgage lenders will use a tri-pull [...]
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Loan Disclosures
Loan Package Disclosures When moving forward with a mortgage home loan a loan package will be sent to formally start the process. The loan disclosures need to be reviewed, signed, and returned as soon as possible. Without these signed disclosures […]
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Loan Process
Loan Process Overview The following is an overview of the home loan process when purchasing a home. The process begins once the loan details (such as program, rate, costs, etc.) have been finalized and a contract has been executed […]
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