Email Can Be Dangerous
Many people still believe that email is safe to send personal information and Document portal to your lender. Criminals know that many borrowers send sensitive financial and personal information to their lenders via email. It’s easy for them to gain a borrower’s personal data through email scams and other schemes.
Secure Portals Are Better
Hand delivery to your loan officer is the best way to give your lender financial documents. If that is not possible, you can use the secure online portal of your lender, which requires a log in, password, and two-factor authentication.
There are other ways to stay safe
You can also do other things to protect your documents from being stolen. It’s a good idea, for example, to password protect your home network. Be careful if you have to send documents via a public network such as a library or coffee shop. These networks are easy to hack and often not protected.
The guide to getting a mortgage loan
Finding a home is exciting. However, the process of obtaining a mortgage can be daunting. The process will go much more smoothly if you know what steps to take. Here are the steps to take once you accept an offer.
Submit your application. Once you have found the right home and a lender, you can begin the mortgage process. Your lender will ask you to complete a mortgage application.
Schedule a home inspection. Get a home inspection scheduled as soon as possible. If the inspection uncovers any unexpected issues, you will have enough time to negotiate with the seller before closing.
Your lender should be contacted promptly. You will receive conditional approval if you have applied for a mortgage and are approved. Your lender may request additional documentation at this stage. To keep your application moving forward, you must respond quickly.
Buy homeowner’s insurance. Before the loan is approved, your lender will need proof of insurance.
Let the process unfold. You need to know what’s going on behind the scenes. Your lender will request a home appraisal in order to verify that the property’s value is comparable with the purchase price. The appraiser will inspect the property and compare it with other homes that have recently sold in a similar price range. To ensure that there are no outstanding liens, your lender will order a title search.
Do not take on any new debt. Avoid opening new credit cards while your loan process is underway. Your mortgage approval could be impeded by new loans or changes to your debt-to income ratio.
Lock in your rate. You should lock in your rate with your lender if you have not already. You must lock in your rate no later than 10 working days before the closing date.
Review your documents. After your loan approval is granted and you have completed your title search, inspection, appraisal, and title search, your lender will give you a closing date. They’ll also let you know how much money you need to close the deal.
You will need to arrange for your closing costs and down payment. To cover your down payment, you will need a cashier’s check or wire money.
Your home will be closed. Make sure you read everything you get and ask questions about the agreement at closing. After you have signed everything, you are ready to unlock the door and celebrate your new home.