Applying for a mortgage

Houston Mortgage Options

Applying for a mortgage is often a two-stage process.

The first stage usually involves a basic fact find to help you work out how much you can afford, and which type of mortgage(s) you might need.

The second stage is where the mortgage lender will conduct a more detailed affordability check, and if they haven’t already requested it, evidence of income.

Stage 1

Generally, the lender or mortgage broker will ask you a series of questions to work out what kind of mortgage you want, and how long you want it for.

They’ll also try to work out, without going into too much detail, your financial situation.

This is generally used to provide an indication of how much a lender might be prepared to lend you.

They should also give you key information about the product, their service and any fees or charges if applicable.

Stage 2

This is usually where you begin your application.

The lender or mortgage broker will begin a full ‘fact find’ and a detailed affordability assessment, for which you’ll need to provide evidence of your income and specific expenditure, and ‘stress tests’ of your finances.

This could involve some detailed questioning of your finances and future plans that could impact your future income.

Find out what evidence you need to provide in How to apply for a mortgage.
They’ll also assess the impact on your repayments should interest rates rise in the future.

If your application has been accepted, the lender will provide you with a ‘binding offer’ and a Mortgage illustration document(s) explaining terms of your mortgage.

This will come along with a ‘reflection period’ of at least 7 days, which will give you the opportunity to make comparisons and assess the implications of accepting your lender’s offer.

Some lenders might give you more than 7 days to do this.

You have the right to waive this reflection period to speed up your home purchase if you need to.

During this reflection period, the lender usually can’t change or withdraw their offer except in some limited circumstances.

For example if the information you’ve provided was found to be false.

Source: moneyadviceservice

Financial Capital Group, LLC is a lender that provides home and commercial finance solutions for business, professionals, individuals and families since 1999. Our love and care for others is directed as much within our walls as it is outside of them. Our desire is to work together to meet the needs of our customers.

Houston Mortgage Options

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