What is the mortgage process?
This page will serve as a summary for the whole mortgage process from beginning to end. Once you are familiar with the entire process you can return to the full mortgage section for more information. Please post any questions you may have here.
Pre-Qualification
Pre-qualification starts the loan process. Once a lender
has gathered information about a borrower's income and
debts, a determination can be made as to how much the borrower
can pay for a house. Since different loan programs can
cause different valuations a borrower should get pre-qualified
for each loan type the borrower may qualify for.
In
attempting to approve home buyers for the type and amount
of mortgage they want, mortgage companies look at two
key factors. First, the borrower's ability to repay the
loan and, second, the borrower's willingness to repay
the loan. Ability
to repay the mortgage is verified by your current employment
and total income. Generally speaking, mortgage companies
prefer for you to have been employed at the same place
for at least two years, or at least be in the same line
of work for a few years. 
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