| at Missouri Western State University. "It`s kind of like cha-ching, 1st time home buyer mortgage at all the things we can do, but now that`s an asset they`ve paid for." In the USA, the process by which a mortgage is secured by a borrower is 1st time home buyer mortgage origination. This involves the borrower submitting an application and documentation related to his/her financial history to the underwriter. Many banks now offer "no-doc" or "low-doc" loans in which the borrower is required to submit only minimal financial information. These loans carry a 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 a mortgage broker. This entity takes the borrower's 1st time home buyer mortgage and reviews a number of lenders, selecting the ones that will best meet the 1st time home buyer mortgage of the consumer. Loans are often sold on the open market to larger investors by the originating mortgage company. Many of the guidelines that they 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. 1st time home buyer mortgage often offer niche loans at higher prices that the investor does not wish to originate. If the underwriter is not satisfied |
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