At MoreMortgage.com, we know how dizzying the mortgage process can be for many people. Terms like "points, origination fees, APR, junk fees, commitment fees, application fees” and so on are part of any mortgage, but can be confusing. They are also a way for many bankers and brokers to try to make a profit in a very regulated and competitive industry.

MoreMortgage.com strives to simplify things for our customers. We make sure you understand the rate of your loan, the duration of time you have to pay it off, and the type of program (i.e., fixed or adjustable) that you select. Your loan officer will give you a Good Faith Estimate and a Truth in Lending document, in writing. And we make sure you are very comfortable with that loan officer, who will handle every aspect of your loan process. It’s just one more way we bring our customers more mortgage with less hassle.

Getting Started

In order to quote you a serious rate, a lender will ask for your Social Security number along with permission to run your credit report (“pull your credit), which is a history of your financial life. This may include past bankruptcies, late mortgage payments, and any other skeletons in your credit closet. Don't worry though, because MoreMortgage.com specializes in credit repair, helping customers with less-than-perfect credit improve your credit scores in order to qualify you for a better rate! Through our Legal Credit Repair, we don't just work with credit consultants; we also work with credit lawyers who get real results.

Some online mortgage sites just sell your name and information to four or five lenders who compete for your business. If you try such a site, please exercise judgment and restraint about giving out your social security number to the many loan officers who are sure to call. Speak with them and decide which one you like the most (if any). Allow the one you are most comfortable with to pull your credit, and ask the company to fax or e-mail you a copy of the report. Of course, if you click on MoreMortgage.com to start the process, you won’t have to ask; we automatically take care of all those details.

Your middle score is the determining number regarding your credit score, also called your FICO score. Once you have this number, you can just tell other Loan Officers what it is without them needing to pull your credit. In fact, an abundance of inquiries could actually lower your score. Any MoreMortgage.com loan officer is happy to explain how the FICO scores work, and what they mean.

Getting a mortgage does not just mean, "shopping for rates." It means deserving the rate, and then getting the rate you deserve. When it comes to borrowing money it is wise to remember the following quote by Mark Twain. "A Banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." The beauty of this quip is that it truly defines the mentality of any lender in the world today. And that is as follows: The more your need the money – the more desperate you are for the money – the higher a rate you will pay. Not because banks are mean, but because of the risk that you have become. Banks fling money at the very people who don’t need it. Your FICO score is basically a “tell-all” to the lender. Just remember that “sunny” rhymes with “money.” If your financial life is bright and sunny the bank will loan you money – and at low rates. If your financial life becomes a little cloudy and overcast, the banks will loan you money at high rates. And if your situation becomes “stormy,” you can be sure the banks will loan you money at very high rates and only if they are very secure with the equity in your home. And remember that a mortgage is not a product—it is a service. It should be rendered by someone you appreciate and trust—and by someone who appreciates and understands your unique situation. Someone like the knowledgeable and experienced loan officers at MoreMortgage.com.

Take note: if at any point you are feeling hassled or rushed by any mortgage company, it is an indication that you should hang up the phone and contact the company that offers you "more mortgage" with "less hassle"— MoreMortgage.com.

The Next Step

When you feel a loan officer has patiently and calmly explained all your options, and answered all of your questions, he or she should be happy to send you a Good Faith Estimate (GFE) that clearly lists all of your closing costs, the type loan you are taking, the amount of money you are borrowing, and the duration of the loan. This "Estimate" should match up with the document you sign on closing day, less any payments or expenditures you do within the thirty to forty-five days it takes to close.

Banks, and the Federal government, base their willingness to loan you money on your willingness to pay them back. It is really quite simple. The less of a risk you are in returning their money, the less they are going to charge you to borrow it.

When you agree to the numbers written in the GFE, the broker will then ask you for a commitment fee (usually anywhere from $350.00 to $500.00) to “lock in” your loan; the bank or brokerage house will automatically set aside your funds at the rate stated in your GFE. If rates go up, you are protected because you are locked in to your contracted rate. However, if rates go down, you remain at your contracted rate because of your commitment fee. This is where the commitment fee protects the lender. You see, there is a lot of paperwork to be done in securing a loan, and a lender does not want to do three weeks worth of preparation only to be told "goodbye" because the rates drop a half percent.

Along the way, you will be asked to provide certain paperwork. This will range from documents as simple as recent pay stubs, a copy of your present most recent mortgage statement (if you are doing a refinance), your W2's for the past two years, and a copy of your homeowner's policy. Meanwhile, your Loan Officer will meanwhile order a Title search, and an Appraisal of your property. This all takes a couple of weeks. The bank then underwrites"the loan, meaning it verifies that "all is true."

Other miscellaneous documents the lender might ask for could be your bank statement that shows your alimony payment, if applicable; or if you are retired, the bank may want to see the automatic monthly pension deposit from your union or Social Security. When all that is done, loan officer will contact you to set up a closing date.

MoreMortgage.com can close anywhere, anytime! Your L.O. should send you a copy of your closing statement the day before your closing to, once more, go over any questions you might have. Your closing should be a calm and happy experience, not a "surprise" experience.

At MoreMortgage.com, "More mortgage. Less hassle" isn’t just a line. It’s our mission, our promise, and our word!