Your Questions About Mortgage Loan Process

Helen asks…

Whats the hardest part of getting a Mortgage?

When shopping for a mortgage, what was the hardest part / worst part of YOUR loan process?

John answers:

I’d guess the down payment.

After that it was the mortgage payment – they seemed to think it was too high, yet it was only $20 more than my current rent?!?!

After that it would probably be debt ratio.

Donald asks…

How come a college drop out get the same or maybe higher position than a college graduate?

I’ve noticed a changed in corperate america. I have a buddy who is a college drop out and a buddy who doesnt even go to college and just go straight to work out of HS. They worked in a Mortgage company. One of them become an Escrow Office making really good money. I saw a guy in my company who got a college degree and just got hired for loan processing. If you dont know what loan processing is, it’s just no brainer job sorting documents. A college drop out having a better job then a college graduate? Amazing.
A guy can go straight out of highschool and work for a Mortgage company going through temp agencies. So does it mean a college degree is irrelevant?

John answers:

An escrow officer IS a type of loan processor/loan officer. It’s a glorified clerk position and it pays well because it’s boring and repetitive with high turnover because smart people can’t stand doing it. Anyone can work for a mortgage company – all you need are basic math skills.

There’s no “change” in corporate America – this job and many others like it have existed for decades. There are jobs like this that pay well where corporate America does NOT want college graduates. Why? Because college graduates tend to think for themselves, want to advance to more challenging work, and have something bigger in mind than just making money.

Microbiologists, statisticians, teachers, anthropologists, and many others with 4 or 6-year degrees can make less money than mortgage brokers. How much you make doesn’t mean a thing unless you compare that to longterm job advancement, satisfaction, and earning power.

By the way, 60 years ago, right after World War II, the vast, vast majority of business people (mostly men) did not have college degrees.

Robert asks…

How do I start doing real estate closing for local companies?

I would like to start doing real estate closings and loan processing for local companies but I don’t know where to start, or to find out if there is anything like that where I live. I live in a rural area, surrounded by very small cities. Where is the best place to find information about where to call or write to get me started. I have over 4 years experince doing both. I would like to work for myself, not for just one certian company.

John answers:

We use contract closers and lprocessors all the time. There are many benefits to contract work.

Call some local mortgage brokers and title companyies and ask. They are always looking for closers.


Michael asks…

Step in mortgage process: loan processing?

Once the loan is being processed…does that pretty much mean we should expect to make it to closing? I’m not sure when I should start packing or how secure I should feel at this step in the process.
We’ve been approved thru underwriting and now the loan processor has given us all the paperwork to sign…

John answers:

You should not start packing until the lender provides you with an Approval letter. All loan applications go through the loan process; whether or not they qualify. After processing, the loan underwriter reviews the file with all the required information needed to make a sound lending decision. If the underwriter approves the file, you will receive an Approval letter. That is a very good sign that your loan will close, sometimes pending review of a satisfactory appraisal report.
Good luck!

Linda asks…

morgage loan process and approval?

hello my husband and i are a young couple only 20 and want to plan on buying our first home within the next 3 years…we should have around 30,000-40,000 saved up by then. My husband is a bartender and i am a cocktail server we make around 60,000 a year, but our actual paychecks say different because the majority of money is tips. we also don’t have too good of credit only fair but no debt……we are also planning on moving to a different state around 12 hours away……with that said here is my question, what is the process of getting a mortgage loan? how much do you think we can get approved for? How can we prove our full income? Whats the process of moving to a different state? how much does your credit effect your approval and can we still get a loan with not so good credit, maybe with a higher interest rate? Im just doing research right now so if anyone can sort of guide us in the right direction i would appreciate it soooo much ….thanks…

John answers:

Mortgage loan is a term used for the loans secured by a property. Mortgage loans refer to a loan secured by residential property, often for the purpose of securing real estate. Mortgage loans are priced lower than other loan structures because the value of the property risk for the lender.


A fixed rate mortgage loan has its own benefit. If the borrower is budget conscious, he will remain at peace because the monthly mortgage amount will not change.Fixed rate mortgage loan is a loan where the interest rate remains the same through the term of the loan. Fixed rate mortgage loans are the most traditional form of loan.

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