The Process of Obtaining a Home Mortgage

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To begin this executive summary, we first look at the issue of research. In our semester project we are discussing the steps one would take in order to get a home mortgage. The reason we have chosen to do this project is to see how one goes about not only becoming approved for a loan but also how to service your mortgage and keep it up to par.

The sources that we used in obtaining this information were sources that were able to help educate us on home mortgage and also help us further understand the entire process. The web-site www.mortgage-x.com was to me the most useful in our research. This site provided thousands of articles on the issue, a glossary and dictionary to help us in our search, and also provided a number of links to other sites that could elaborate on a certain subject. One of the links that we visited was www.fanniemae.com, this site helped us further understand Fannie Mae and apply it to our research.

With this extensive research we came across a number of main findings. The first was how one went about getting a home mortgage. We found that when applying for a mortgage the borrower must give a credit report, prove sources of income, show proof of any assets, and proof of any debts, i.e. credit card payments, car loans, ect. After the application process the applicant is either accepted or denied the loan, then the terms of the mortgage are decided upon. Terms of the mortgage can include length of the loan or interest that will be charged on the mortgage. Then a mortgage agreement is signed by the borrower and the borrower receives receives the mortgage and the financial institution begins to service the loan. Upon the closing of the mortgage, the financial institution begins to service the ...

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...lue of the house and other factors.

Sources

1) Gasper, Juli-Ann Ph.D, “Mortgage Securitization,” Power Point presentation— copyright 2002.

2) Hayes III, Samuel L., Mortgage Banking Harvard. 1992.

3) Home Buyer’s Guide. Omaha State Bank, 2001

4) Kidwell, David S., Richard L. Peterson, and David W. Blackwell. Financial

Institutions, Markets, and Money. Harcourt College, 2000, Chapter 10.

5) Managing Your Mortgage. 18 Feb. 2002 http://www.mortgage-

x.com/library/managing.htm.

6) Peterson, Doug. Personal interview. 18 Feb. 2002.

7) Mortgage Application. 18 Feb. 2002 http://www.mortgage-

x.com/library/application.htm.

8) Transfer of Your Mortgage. 18 Feb. 2002 http://www.mortgage-

x.com/library/loan_transfer.htm.

9) Understanding Fannie Mae. 15 Feb. 2002 http://www.fanniemae.com/aboutfm.

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