Garbett Mortgage
Why So Much Paperwork?
Basically the confusing paperwork is caused by the government's efforts to protect you. The mortgage industry has to abide by numerous different laws each of which causes another layer of complexity. These laws include:
- Federal Truth in Lending Act of 1969
- Federal Equal Credit Opportunity Act
- Federal Fair Credit Reporting Act
- Federal Real Estate Settlement Procedures Act of 1974
- Flood Disaster Protection Act of 1973
- National Flood Insurance Reform Act of 1994
- Fair Housing Act
- Home Mortgage Disclosure Act
- Financial Institutions Reform Recovery and Enforcement Act of 1989
- Home Ownership and Equity Protection Act of 1974
We make it as simple as we can, and still comply with all of the laws established to protect you.
If your pulse starts racing at the thought of all the paperwork you'll have to produce when you sit down and apply for a loan, relax. You're not alone. Sometimes even lenders feel overwhelmed by all the documents borrowers bring to their office. The important thing to remember is that there is a reason for every piece of paper you'll have to produce. Once you know the reasons for the paperwork you'll understand the process better.
Some borrowers find the whole mortgage process overwhelming. This is especially true since today it is so easy to get credit cards and other types of credit. However, a credit card with a $1,000 limit is a lot different from a home with a $100,000 mortgage. While the paperwork can be intimidating, it's not the lenders who decide what paperwork borrowers have to submit. We don't just make things up, we convey the requirements of the people we sell the loans to, such as Fannie Mae, Freddie Mac, and other investors. Fannie Mae and Freddie Mac are federally chartered stockholder-owned companies that make more money available for mortgage loans by purchasing real estate loans from lenders.
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Frequently Asked Questions
- How does buying a home compare to renting?
- Whats my maximum loan amount?
- What is a Mortgage?
- What is a Loan to Value (LTV)?
- What types of Loans are Available and what are the Advantages of Each?
- What is an ARM and when does it make sense?
- What's the difference: 15 or 30 year loans?
- Can I Pay Off My Loan Ahead of Schedule?
- What about First-time Homebuyers?
- How Can I Check my Credit History?
- What is Mortgage Insurance?
- What Happens After I've Applied for my Loan?
Download Brochure
Click the "Download" button below to download a PDF of our complete Garbett Mortgage brochure. In the brochure you will find a printable Application Checklist and additional information to help you in the loan application and management process. You will also find a map and driving directions to the Garbett Mortgage office.
