Homebuyer's Guide

Approving your loan application (Step 4)

It is now up to the Hometown Mortgage to get your loan closed.  A standard fee of $400 is requested to pay for the appraisal of the property and the credit report.  Hometown Mortgage will engage the services of a licensed title agent to perform the settlement process.  All the supporting documents are gathered by your Hometown Mortgage loan professional to be sent to the lenders.  Such documents shall include the uniform loan application, a verification of employment, a credit report, the appraisal, survey, a copy of the sales contract, a verification of deposit fee (for the down payment), inspection and other documents requested by the underwriter.

The underwriter reaches a decision depending upon the buyer's house-expense ratio and debt-to-income ratio, your credit history, your employment history, the property appraisal, the loan-to-value ratio, and any compensating factors that exist.

Congratulations, on to settlement of the loan Page 5

Hometown Mortgage      -      1710 Westminster      -      Denton, TX  76205

Phone: 940-243-5000      -      Fax:  940-387-5043

© Copyright 2001, Hometown Mortgage.  All Rights Reserved.

TX Mortgage Brokers License# 15411

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