![]() ![]() When interest rates are low, a surge in loan applications is triggered, and business can pick up significantly. You will likely need to explain closing costs, which usually include discount points, fees, and other items. This process involves electronically accessing the client’s financial history and credit score.Īt closing, you will meet with the buyer and seller to make the legal exchange of the property and funds. You will advise prospective buyers to bring information to verify their income and outstanding debts, and detail the specific loan amount and repayment terms. Once complete, you will verify the information contained in the application and analyze it to determine your customer’s creditworthiness. ![]() It begins with a formal meeting or telephone call, during which time basic information is shared about the loan’s purpose and available options and credit terms. You will explain the loan process, interest rates and assist clients with filling out the application, for which the lender bases the decision to grant the loan and define the terms. It is a fulfilling way to earn a living and help others at the same time!Ī Mortgage Loan Originator guides clients through the loan application process.
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