How Does the Mortgage Loan Process Work?

Mortgage Loan Process

How does the mortgage process work? From the minute we receive your application until your closing date (that’s when you get your keys!), we are here to help you. Here is a little more information on what to expect during your mortgage loan process.

BEGINNING THE MORTGAGE PROCESS

The first step in the mortgage process is to submit an application and authorize a credit check. You can submit an application securely online or in many cases, our loan officers will take an application over the phone. Find a loan officer near you using our branch locator or submit an application now and we will connect you with a licensed mortgage professional in your area.

Verifying documents is absolutely essential to the mortgage loan process. It is generally best to submit these materials at about the same time you submit your application to ensure a quick and smooth mortgage loan process. Required documents include 2 years W2’s, 2 paystubs, 2 bank statements. Your loan officer will explain what documentation is needed after you submit your application, but here is a more detailed list of required documents for your convenience.

After you have submitted your application and the required documentation, you may be pre-approved for a mortgage loan. Read more about the importance of pre-approvals.

PROCESSING YOUR MORTGAGE LOAN

The mortgage loan process will move forward once you select a property to purchase, submit an offer to purchase letter and received a signed purchase agreement from the seller. Your Realtor will assist you with this stage, but it should move smoothly since you have already been pre-approved!

Once the purchase agreement is received and we have received your written consent to proceed with the mortgage application, we will order an appraisal to determine the property’s market value for financing. Appraisals are performed by qualified independent real estate appraisers, typically after your purchase offer is accepted by the seller. Read more about appraisals here.

In addition to the appraisal, we will select a closing company to research the property title. An abstract will be completed to determine the legal owner of the home and whether there are unpaid taxes, liens, etc.  Meanwhile, our team of experienced processors will be verifying all the documentation you submitted regarding debt, income and assets.

THE LOAN COMMITMENT LETTER – FINAL MORTGAGE APPROVAL

Our experienced underwriting team has the privilege of making the final decision regarding your loan approval. Underwriters evaluate all the information and make sure it aligns with your specific loan program guidelines. If all the required documentation has been received and no conditions are outstanding, a loan commitment or final approval is issued.

Our closing department will be notified of the underwriters’ final approval and begin assembling your loan closing documents, including the  HUD 1 Settlement Statement. The HUD 1 Settlement Statement details all final numbers, showing the breakdown of costs and money needed at closing. Our experienced closing department will require your proof of homeowners insurance before a closing appointment can be scheduled. You must have one year of homeowners insurance paid prior to closing. Your loan officer can explain the specific requirements for the homeowners insurance binder.

CLOSING YOUR MORTGAGE LOAN

After proof of homeowners insurance is confirmed, a closing meeting is scheduled! You are very close to your dream of homeownership!

You are required to attend the closing meeting along with a representative from the title company. Your Realtor and loan officer are typically present too.  During this meeting all final signatures are acquired and final payments (certified check required) are distributed. And the best part…your will receive the keys to your new home!

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

Fixed Mortgage Rates Dip Just Below Four Percent

Mortgage Dip Lower
 

Fixed Mortgage Rates Dip Just Below Four Percent

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates slightly down from the previous week with the 30-year fixed-rate mortgage dipping just below four percent.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 3.99 percent, down from last week when it averaged 4.01 percent. A year ago at this time, the 30-year FRM averaged 4.22 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.17 percent, also down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.27 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 3.01 percent, down slightly from last week when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 2.95 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.44 percent, up slightly from last week when it averaged 2.43 percent. At this time last year, the 1-year ARM averaged 2.61 percent.

Mortgage Rates are on the rise. Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Fixed mortgage rates were slightly down as housing starts [PDF] declined 2.8 percent in October below the upwardly revised September rate. However, building permits increased 4.8 percent in October after a 2.8 percent boost a month earlier. Lastly, industrial production slipped by 0.1 percent in October, below the market consensus forecast.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Want to Lock & Shop?

Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

What is PMI?

 

Mortgage-InsuranceDifferent Types of Mortgage Insurance

Are shopping for a home loan? Understanding mortgage insurance will help you make an informed decision. There are two types of mortgage insurance – private mortgage insurance (PMI) and mortgage insurance premiums (MIP). There are distinct differences between PMI and MIP that should be considered when deciding which loan program suits your financial needs.

What is PMI?

PMI is private mortgage insurance available in a variety of premium plan structures and payment options that can usually be tailored to the borrower’s needs. There are a number of private mortgage insurance providers and each structure their offerings a bit differently. A licensed loan officer can explain your private mortgage insurance options in great detail.

What is MIP?

MIP is the government-administered mortgage insurance program for the FHA that has certain restrictions and has undergone a number of changes over the last few years. This type of insurance is used to offset the risk of lending to borrowers with a smaller down payment – which FHA loans offer. It is important to note that MIP is a permanent part of a FHA loan and cannot be removed without refinancing.

Differences Between PMI & MIP

Major differences between these insurance programs include:

  • PMI is required for conventional loans with less than a 20% down payment, while MIP is required with FHA loans
  • No upfront mortgage premium is required with PMI while an upfront MIP is required with FHA loans (upfront MIP with FHA can be financed into loan)
  • Monthly PMI can be canceled after a stated LTV is achieved and favorable payment history has been established, while monthly MIP is paid for the life of the loan (until loan is refinanced)

Contact an Inlanta Mortgage loan professional to discuss your options and ensure that you select the program that is right for you! Click here to find a licensed mortgage loan professional near you.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

 

Fixed Mortgage Rates Hovering Near 2014 Lows

Mortgage Hovering
 

Fixed Mortgage Rates Hovering Near 2014 Lows

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) showing average fixed mortgage rates little changed from the previous week with the 30-year mortgage still hovering around 4 percent.

30-Year Fixed Rate Mortgages

According to Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) average 30-year fixed rate mortgages averaged 4.01 percent, down slightly from last week when it averaged 4.02 percent. A year ago at this time, the 30-year FRM averaged 4.35 percent.

15-Year Fixed Rate Mortgages

The average 15-year fixed rate mortgage averaged 3.20 percent, also down slightly from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 3.35 percent.

5-Year Adjustable Rate Mortgages

The average five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) averaged at 3.02 percent, up from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.01 percent.

1-Year Adjustable Rate Mortgages

The average one-year Treasury-indexed ARM is at 2.43 percent, down from last week when it averaged 2.45 percent. At this time last year, the 1-year ARM averaged 2.61 percent.

Mortgage Rates are on the rise. Contact a licensed mortgage loan professional to take advantage of mortgage rates while they are still historically low. Find a loan officer near you or apply online for a mortgage loan and we will redirect your application to a qualified loan professional near you.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Fixed mortgage rates were slightly down on mixed results from October’s employment report. While the unemployment rate declined to 5.8 percent, nonfarm employment rose by 214,000 jobs, which was below consensus expectations. Net revisions for payroll employment in August and September added 31,000 more jobs to the initial readings.”

Original Source: Freddie Mac interest rates listed above are national averages as reported by Freddie Mac. Individual interest rates are dependent upon credit approval and may include points. Average mortgage points are also reported in Freddie Mac’s Primary Mortgage Market Survey. Other mortgage financing fees may apply. Contact your lender for detailed information.

Want to Lock & Shop?

Inlanta is pleased to announce Inlanta Lock & Shop for home buyers who haven’t found a property but want to lock in an interest rate now. This Lock & Shop program is appealing to home buyers who fear a reduction in buying power as mortgage rates increase.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.

Special Thanks to the Veterans of Inlanta

Inlanta-Veterans

We would like to give special thanks to the veterans of Inlanta Mortgage. Thank you for your service and for ensuring the freedoms we hold so dear. The following Inlanta employees are veterans of the U.S. Armed Forces:

  • Harold Bloch – Army – Loan Officer – Brookfield, WI
  • Gil Bundy – USAF –  Secondary Marketing Manager – Brookfield, WI
  • Art Doll – USAF – Loan Officer – Hales Corners, WI
  • Christine Festa – Army – Loan Processor – Janesville, WI
  • Larry Juszczak – Marines – Loan Officer – Pewaukee, WI
  • Jim Marcinkowski – Army – Loan Officer – Fort Myers, FL
  • Terrence Perfect – Marines – Disclosure Desk Analyst – Brookfield, WI
  • Mike Ponce – Army – Loan Officer – Oak Brook, IL
  • Ericka Smith – Army – Marketing Coordinator – Brookfield, WI
  • Tracy Strope – USAF – Loan Processor – Cedar Rapids, IA
  • Joel Viterna – Army – Loan Officer Assistant – Overland Park, KS

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Last year, Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA, Veterans Affairs (VA), FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was recently named a Top Mortgage Lender in 2013 as well as 2012 by Scotsman Guide. Inlanta was also recently named a Top Workplace in 2014 as well as in 2012. Inlanta has also been named one of the “Top 100 Mortgage Companies in America” in 2011, 2012 and 2013 and one of the 50 Best Companies to Work For by Mortgage Executive Magazine.