Monday, March 25, 2019
The Process of Obtaining a Home Mortgage Essay -- Business
To begin this executive summary, we first look at the issue of research. In our semester project we ar discussing the steps one would take in rig to get a home mortgage. The reason we have chosen to do this project is to see how one goes about not only fit approved for a loanword but also how to service your mortgage and keep it up to par. The sources that we used in obtaining this information were sources that were able to avail educate us on home mortgage and also helper us further understand the entire process. The web-site www.mortgage-x.com was to me the most useful in our research. This site provided thousands of articles on the issue, a glossary and dictionary to help us in our search, and also provided a number of links to other sites that could puzzle out on a certain subject. One of the links that we visited was www.fanniemae.com, this site helped us further understand Fannie Mae and apply it to our research. With this extensive research we came across a number of main findings. The first was how one went about getting a home mortgage. We found that when applying for a mortgage the borrower must give a credit report, prove sources of income, show proof of some(prenominal) assets, and proof of any debts, i.e. credit card payments, car loans, ect. After the application process the applier is either accepted or denied the loan, then the terms of the mortgage are decided upon. Terms of the mortgage can include length of the loan or interest that will be charged on the mortgage. hence a mortgage agreement is signed by the borrower and the borrower receives receives the mortgage and the financial institution begins to service the loan. Upon the closing of the mortgage, the financial institution begins to service the ... ...lue of the put up and other factors. Sources1)Gasper, Juli-Ann Ph.D, Mortgage Securitization, Power Point presentation copyright 2002.2) convert III, Samuel L., Mortgage Banking Harvard. 1992.3)Home Buyers Guide. Omaha State Bank, 20014)Kidwell, David S., Richard L. Peterson, and David W. Blackwell. Financial Institutions, Markets, and Money. Harcourt College, 2000, Chapter 10.5)Managing Your Mortgage. 18 Feb. 2002 http//www.mortgage- x.com/library/managing.htm.6)Peterson, Doug. Personal interview. 18 Feb. 2002.7)Mortgage Application. 18 Feb. 2002 http//www.mortgage- x.com/library/application.htm.8) conveyance of title of Your Mortgage. 18 Feb. 2002 http//www.mortgage- x.com/library/loan_transfer.htm.9)Understanding Fannie Mae. 15 Feb. 2002 http//www.fanniemae.com/aboutfm.