| a mortgage is secured by a borrower is called origination. This involves the borrower submitting an application and documentation related to his/her financial history to the underwriter. Many banks now california refinance "no-doc" or "low-doc" loans in which the borrower is required to submit only minimal financial information. These loans carry california refinance slightly higher interest rate (perhaps 0.25% to 0.50% higher) and are available only to borrowers with excellent credit. Sometimes, a third party is involved, such as california refinance mortgage broker. This entity takes the borrower's information and reviews a number of lenders, selecting the ones that will best meet the needs of the consumer. Loans are often sold on the open market to larger investors by the originating mortgage company. Many of the guidelines that california refinance follow are suited to satisfy investors. Some companies, called correspondent lenders, sell all or most of their closed loans to these investors, accepting some risks for issuing them. They | |
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