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  • Car Loans 6:31 am on February 24, 2015 Permalink | Reply
    Tags: bank loan, consolidated debt plans, debt payment, , Mortgage loan processing   

    What is Mortgage Loan Processing? Four Stages in the Loan Cycle 

    You are thinking about getting a mortgage loan to buy your dream home. But, if you don’t know much about applying for a mortgage loan, then you won’t know what to do or what to expect when you do want to apply for the loan. Here is everything that you should know about mortgage loan processing and the four stages in the loan cycle.checkout our latest blog post at http://www.90secondcarloans.com/5-steps-successful-refinance-mortgage-loan/

    Mortgage loan processing

    The Mortgage loan processing is all about the four steps that there are from where you apply for the loan up to the end where you get approval or don’t get approval. It is quite a few things that you should do during the mortgage loan processing to apply for a loan for buying a house. The four steps in the loan cycle are:

    • Applying for the loan
    • Verification of information of all your documentations
    • Approval stage, again verification of information
    • The closing stage

    Here is more detailed information about the steps in the loan cycle.

    Applying for the loan

    The first step, and the most common step that you need to do when you are looking to get a mortgage loan, is by applying for the loan. You won’t be able to get approval for the loan, if you don’t apply for the loan. You need to go to the banking institution and physically apply for a mortgage loan.

    The verification of information of all documentation
    This is where the whole process of the mortgage loan actually starts. You must be able to proof that all the information on your documentation is correctly. They can’t just take your word for it. This step is where they are verifying that every document that you gave them are real and that you don’t gave false documentation to the verifiers. This process normally can take up to fourteen days to finish.

    The approval stage

    With the approval stage, the underwriters will once again verify all your documentation. In this step, they normally are asking for credit reports. This is to make sure that you have a good credit record and if you are paying all your debts, without any problems.

    If the mortgage loan gets approved, the application is send back to the loan processor for the final step in the loan cycle. If the mortgage loan not gets approved, then the loan officer needs to look at the application again to see if there is anything that they can do to get the application approved.

    The closing stage

    Mortgage Loan Processing

    This is the final step in the mortgage loan cycle. Here the loan officers make sure that you understand the conditions that are stipulated in the contract. This is also where you find the date for the loan closing. When you reach the date of the loan closing, you will have an approved mortgage loan so that you can buy your dream house.visit their website at http://www.independent.ie/irish-news/special-reports/county-council-gave-struggling-leisure-centre-300000-loan-30994831.html for more information.

    The four stages in the loan cycle can be tough and long. Especially, if you are looking forward in moving into your new house. It takes some patients to complete the whole loaning cycle, but it will be worth the wait. After the mortgage loan processing, you will become the proud owner of a new house.

     
  • Car Loans 6:09 am on February 20, 2015 Permalink | Reply
    Tags: , consolidated debt plans, Debt Consolidation, debt plan,   

    The Basics of Debt Consolidation 

    If you are burdened by debt and there seems to be no end in sight to your debt woes, what you need is a bit of breathing space. Debt consolidation might be a good idea in such a situation, and chances are, some debt consolidation scheme or the other has been recommended to you. If you still need to make up your mind about whether to proceed with taking out a debt consolidation loan, this article is for you – it will discuss what debt consolidation is and how it works, why you would want to involve in debt consolidation, the pros and cons of the process and more.

    Debt consolidation, as the name suggests, is about bringing together a number of debts which come at a high rate of interest, and sort of fusing them into one debt that is more easy to pay off and has a lower rate of interest. To illustrate, suppose you have accumulated debt on two credit cards, at the rate of 15% and 20% p.a., and also have to pay of another loan which comes at 16% p.a. If you find that your credit is not good any more, and that it is increasingly difficult to pay these loans, you can sign up for a debt consolidation programme, which will allow you to pay off these loans by giving you a new loan for the amount you need, with an interest of, say, 12% per year.

    The pros of debt consolidation are as follows:

    • Payments are easier to keep track of. This is because instead of having a number of loans to pay off, you only have one loan to pay off each month. You will know the importance of this if you have dealt with having to make multiple payments each month.

    • The rate of interest that is charged by debt consolidation companies is lesser than that on other debts, such as credit card debts, bills etc.

    • A consolidated debt plan can be either for a secured or unsecured amount. This means that you do not necessarily have to mortgage property for getting the loan, and so, you do not have to worry about foreclosure and everything else that ensues if you fail to pay a secured loan.

    • Companies that offer consolidated debt plans will offer you some counseling and give you advice on your debt situation – this is likely to do you good in the long run, as professional advice can be a boon when you are facing a rapidly worsening debt situation.

    Debt Consolidation

    There are, however, not so attractive sides to debt consolidation. The cons of the same can be discussed here. If you are not careful enough in reviewing the debt consolidation scheme that is offered to you, you may end up paying more in the long run than you would have on multiple loans. Further, you may see this as an easy way out of debt, and will keep to your old spending habits which were what got you into debt in the first place.read more news at http://www.pressreleaserocket.net/debt-management-credit-counseling-publishes-debt-consolidation-video/71867/

     
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