An important part of mortgage qualifications assessments by lenders is the evaluation of the borrower’s management of personal debt. Borrowers with high debt ratios and high debt loads may have a much harder time getting approved for a home loan. Assessing personal debt is a facet of the loan evaluation process performed by the lender
An offer to purchase that has been signed by both the buyer and the seller. A firm contract that outlines all details of the property transaction. The contract will reflect the buyer and seller agreeing to the terms of the sale.
The act of billing, collecting payments and recording the relevant paperwork for a mortgage. A mortgage banking process which includes the collection of mortgage payments, customer service, escrow administration, investor accounting, collections, and foreclosures.