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What Responsibilities Do I Have During The Mortgage Lending Process?

By Bob Redtree

What responsibilities do I have during the mortgage lending process?  Read here to know what you need to do when getting a mortgage!

For many people, the mortgage process can be a confusing one.  Many believe that once they have applied for the mortgage, they are done and only need to wait for approval from the lender.  In reality, the potential borrower has many responsibilities to attend to.  Some of the responsibilities you have during the mortgage lending process are as follows.

Gather Information

The first responsibility you have during the mortgage lending process is to gather information.  Prior to approving a mortgage, the lender will want a lot of information including proof of employment, proof of income, historical tax returns, historical bank statements, and a copy of your social security card.  During the process, the bank will be contacting you constantly for new information or clarification.

Maintain Credit Score and Income

The second responsibility you have during the mortgage lending process is to maintain a credit score and income.  The lender, most likely, based their credit approval decision partially on your current credit score and income level.  If, for whatever reason, your credit score falls off or your income level drops, the mortgage lender will have the right to take back their pre-approval and terminate the mortgage agreement.

Hire other Services

Another responsibility you have during the mortgage lending process is to hire other services.  To be fully approved by a lender, the bank will require you to have a home appraisal and home inspection completed.  While these services could be provided through the bank, you will save more money by hiring your own appraiser or inspection.  Also, during lending process, you will need to hire a real estate attorney to walk you through the closing process and give you any necessary advice.

Related posts:

1. What Is Involved In The Mortgage Underwriting Process?
2. What IS RESPA, And How Does It Affect Mortgage Lending?
3. What Happens After I Have Applied For My Mortgage Loan?
4. How Long Does A Mortgage Pre-Approval Last?
5. How Do I Get Pre-Approved For A Home Mortgage?