Sentences with phrase «before approving a mortgage application»

Banks must adhere to a stringent process before approving mortgage applications.

All Canadian banks and other lenders look at credit scores before they approve a mortgage application.

Not exact matches

Once your application for a mortgage loan has been approved and you have received a commitment letter from the lender, the final step before you can call the house your own is the closing, or settlement, of the purchase transaction and mortgage loan.

Please note that before you can complete an application for a Federal Housing Administration - insured Home Equity Conversion Mortgage loan, you must undergo counseling with a counseling agency approved by the U.S. Department of Housing and Urban Development («HUD»).

Important Timing — For buyers wishing to purchase under the current rules the mortgage application must be approved before the changes take place.

Banks and credit unions have strict credit score requirements before they can approve a mortgage application.

Before a lender can approve your second mortgage application, your home will need to be inspected by a registered home appraiser.

On the other hand, you might be buying life insurance in place of mortgage life insurance, which is required by the lender before they will approve your application.

Please note that before you can complete an application for a Federal Housing Administration - insured Home Equity Conversion Mortgage loan, you must undergo counseling with a counseling agency approved by the U.S. Department of Housing and Urban Development («HUD»).

Counseling: The federal government mandates that all reverse mortgage loan candidates must meet with an unbiased HUD - approved counselor before completing a reverse mortgage application to ensure that all borrower (s) have all the information they need to make the right decision before entering the loan; this is to protect the borrower.