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Home > Financial Services > Mortgage Brokers > Source One Mortgage
Source One Mortgage
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.
Source One Mortgage is a full service mortgage broker. They offer different loan program such as conventional loan, FHA, construction loan and many more. Loans where your income is not requested or verified with as little as 10 percent down are stated income loans. There are several varieties of the no-doc loan today.
Basically the type of loan that is best suited for a particular borrower depends on that borrower's situation. Some borrowers choose not to disclose employment, income or asset information, while others may be willing to disclose employment and asset information but not income. Still others might be willing to disclose even income but select a program that doesn't calculate debt-to-income ratios allowing those borrowers to exceed the traditional guidelines in order to qualify for a larger mortgage amount.
Backed by the Department of Housing and Urban Development this mortgage offers the borrower the ability to put as little a 3 percent down payment and they can even finance allowable closing costs. Seller can contribute up to 6 percent of the purchase price to the buyer towards closing costs.
The Company also assists you through six basic steps in procuring a loan for buying a house or renovation of your home such as getting your documents organized, convincing the loan company that you qualify for the loan, explains the best loan plans from various companies available within your budget, applies for the loan, obtains approval for the loan, and assists in closing the loan.
The Company is committed to providing the best service to clients seeking it from this industry as also to the pursuit of excellence, integrity being the forefront of their list of objectives.
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