Not everyone who wants to own a house has enough savings to buy it. Most people go to lenders to apply for mortgage loans. During the application process, lenders should guide you during every step. Below are the ways lenders should assist you during the mortgage application.
Looking for a lender
Lenders should make their mortgage loan details public. For instance, this information should be on their websites or any other marketing materials. Information about the mortgage, loan interest, period, loan limits, among others, should be publicly available to enable you to make decisions on the lender you want to work with.
Filling the loan application
Lenders should provide you with the mortgage application form and guide you on filling the form. They should also ask you for permission to pull your credit information. Lenders should also make sure they offer you a loan estimate form within the shortest time possible after receiving your details.
Reviewing the loan estimates
Lenders should be available and able to answer all your questions regarding the loan estimates. This will help you make an informed decision. Lenders are supposed to disclose all the costs and how and when you should pay them.
Processing the mortgage loan
Once you commit yourself to a lender by signing the offer letter and paying the required fees, lenders should process your mortgage loan within the stipulated time. Lenders should stick to their timelines.
Servicing the mortgage loan
Mortgage loans are long term commitments and you are likely to lose track of repayments during this period. Lenders should provide you with your loan balance from time to time or on request.
These are some of the roles of lenders during the mortgage application. They may vary from lender to lender so it is advisable to ask them their obligations before the start of the process.