The official complete mortgage application is referred to as the uniform residential loan application or 1003 (pronounced, ten-oh-three) after the form number that identifies the application within the mortgage industry. This is a standardized form developed by Fannie Mae and used ubiquitously within the industry. Since all mortgage lenders use the same application all lenders
For people looking to refinance their mortgage, a low mortgage rate environment can make the immediate savings astounding. However, you will want to be sure that you have an accurate view of what your payment changes will be after costs and loan term changes. To be sure of how the mortgage refinance will impact the
The 40-year mortgage loan is a rather new home loan product. The primary benefit of this product is lower monthly payments. Since the loan is amortized over 40 years the monthly principal and interest payments are lower than that of the 15 or 30 year term loans. The interest rate on these loans is normally