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Bay Area Loan, Inc.


A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan, which is normally, the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee, which is usually a percentage of the loan or property amount.
 
The Company has applied for a mortgage loan from Bay Area Loan, Inc. In applying for the loan, they completed a loan application containing various information on the purpose of the loan, the amount and source of the down payment, employment and income information, and the assets and liabilities. They certify that all of the information is true and complete. They made no misrepresentations in the loan application or other documents, nor did they omit any pertinent information.
 
They understand and agree that Bay Area Loan, Inc. reserves the right to change the mortgage loan review processes to a full documentation program. This may include verifying the information provided on the application with the employer and the financial institution. They fully understand that it is a Federal crime punishable by fine orimprisonment, or both, to knowingly make any false statements when applying for this mortgage, as applicable under the provisions of Title 18, U.S. Code, and Section 1014.
 
Pre-qualification starts the loan process. Once a lender has gathered information about a borrower’s income and debts, a determination can be made as to how much the borrower can pay for a house. Since different loan programs can cause different valuations a borrower should get pre-qualified for each loan type the borrower may qualify for. To properly analyze a Mortgage Program, the borrower needs to think about how long they plan to keep the loan. If you plan to sell the house in a few years, an adjustable or balloon loan may make more sense.
 
Once the processor has put together a complete package with all verifications and documentation, the file is sent to the lender. The underwriter is responsible for determining whether the package is deemed an acceptable loan.

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