Blog - - Month: June 2016
Month: June 2016
What Does an Underwriter Do?
Demystifying the Process of Mortgage Underwriting After the global financial crisis of 2008 that led to the Great Recession, the Consumer Financial Protection Bureau put new rules in place to protect buyers and ensure they weren’t be sold loans they couldn’t afford. After your initial loan pre-approval, it is the job of a loan underwriter to make sure the information on your loan application is accurate so that your loan can move forward to final approval and you can make your purchase. While this process may seem daunting and fraught with paperwork, the good news is that these verifications exist to protect you from being trapped under an unaffordable loan. Steps underwriters take between pre-approval and closing may include: Employment and salary verification Property appraisal Title search Securing title insurance Flood certification or requesting purchase of flood insurance Land survey A professional underwriter can help make this process as easy and painless as possible. Contact us with any questions you may have about underwriting, or any part of the mortgage closing
Breathe Easier With a Title Search
Breathe Easier with a Title Search House Title Search Prevents Unwanted Surprises Conducting a property title search for your pending home investment is a key step in securing the peace of mind you need to move forward with confidence in your purchase. An expert in title searches will conduct an investigation into the history of the property in order to determine what people and/or business entities may have a financial or legal investment in that piece of real estate. There are three main areas of focus when it comes to this research on your behalf: Are there any liens against the property—such as mortgages or back taxes—that need to paid off upon closing? Is the seller legally able to sell the property? What land restrictions exist for the property (such as easements)? If you are securing a mortgage for the purchase of your new home, a house title search is typically required. This protects the bank’s investment in you, but don’t forget that it is protecting you as well! To protect yourself even further, consider obtaining title insurance. To learn more, contact us at 440-365-2800. We can set up a FREE consultation to help you understand all that you need to know to make great purchasing