| on TV or they contact the lender and they find out, my goodness, 5 fixed lender mortgage rate year can borrow all this money," says Dr. Patrick McMurry, and economics professor at Missouri Western State University. "It`s kind of like cha-ching, look 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 called origination. 5 fixed lender mortgage rate year 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) 5 fixed lender mortgage rate year 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 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 5 fixed lender mortgage rate year 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 5 fixed lender mortgage rate year offer niche loans at higher prices that the investor does not wish to originate. If the underwriter is not satisfied with the documentation provided by the borrower, additional documentation and conditions may be imposed, called stipulations. The meeting of such conditions can be a daunting experience for the 5 fixed lender mortgage rate year but it is crucial for the lending institution to ensure the information being submitted is accurate and meets specific guidelines. This is done to give the lender a reasonable guarantee that the borrower can and will repay the loan. If a third party is involved in the loan, it will help 5 fixed lender mortgage rate year borrower to clear such conditions. These documents typically required for underwriter review. Many of these are not required for no-doc and low-doc |  |
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