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Home > Financial Services > Mortgage Brokers > Karn Mortgage Corporation
Karn Mortgage Corporation
A mortgage broker is an individual or firm that acts as an independent agent for both the borrower and the lender of a mortgage loan. Mortgage brokers are the middleman between you and the lending institution, which can be a bank, trust company, credit union, Mortgage Corporation, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. He or she will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.
This company is fueled by a strong and genuine belief in the Customer for Life principle of doing business. The majority of the company's production has always come from previous customers' referrals and local real estate professional’s .They collect nonpublic personal information about you from the following sources. Information they receive from you on applications and other forms; information about your transactions with them, their affiliates, or others; and information they receive from a consumer reporting agency. They do not disclose any nonpublic personal information about their customers or former customers to anyone, except as permitted by law. Their restrict access to nonpublic personal information about you to those employees who need to know that information to provide products or services to you. They maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. Once your loan application has been received they will start the loan approval process immediately. This involves verifying your Credit history, Employment history, Assets including your bank accounts, stocks, mutual fund and retirement accounts and Property value.
After your loan is approved, you will be required to sign the final loan documents. Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.
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