Ok, you got your mortgage quote on Zillow Mortgage. Now you are ready to move forward, but you might be a little unsure of the process.
Here are some best practices to help you through today’s mortgage process.
There are 3 things that have to happen before you can move forward:
- Get your mortgage credit report.
This seems simple but the laws regarding your credit report are very important to understand. Once the lender gets a copy of your credit, they are required by law to give you a copy of your mortgage credit report (most consumers never even see this report) and the lender should give you a FACTA disclosure Notice as required by the Fair Credit Reporting Act.
Most brokers and lenders don’t have a secure process in place to deliver such requirements. It’s against the law to e-mail your credit report and FACTA Notice. If the broker or lender says they will e-mail it to you, then you know you are working with the wrong company. While my company provides tools to streamline the process, we also realize that compliance and consumer confidentiality are important factors since our tool interacts with consumer credit files. Therefore, we have a very strict compliance process that protects all parties in the transaction. - Now that we have the credit report, the next step is to get loan approval.
The process can take less than 10 minutes to get from Fannie Mae or Freddie Mac. Fannie Mae provides brokers and lenders with a Fannie Mae Findings report and you should see a copy of it. Remember, it has your credit scores on it so it can’t be e-mailed. This findings report lays out all of the specific requirements to get your mortgage closed and funded. Those who don’t use Fannie Mae and Freddie Mac upfront in the process run the risk of surprises later on in the process. Once we have your mortgage credit report, we show how you were "scored" by Fannie Mae - an agency that gives lenders recommendations of the risk level your loan request presents. At GoLiveLoans.com we’ll show you your personal Fannie Mae® Findings Report and describe how this critical document affects your rates. - Now is time to run the pricing options based on your Fannie Mae findings.
After learning how Fannie Mae rated you, we'll show you what your loan options are and help you choose the program that works best for your personal finances. Each customer has a unique set of financial circumstances that will affect how you choose to structure your new mortgage. Your “deal” will be affected by your credit scores, down payment, cash out requirements, reserve cash on hand, and loan-to-value (LTV) ratios.
