Approve
Once the application form has been completed and is forwarded to the lender with all required documentation, the lender will make a decision based upon your creditworthiness and the property’s value by considering but are not limited to the following:
Your ability to repay the loan - This is determined by evaluating the information you furnish on your application and verifying your place and length of employment, your deposit accounts and other assets, your income from employment and other sources, and your rental income and expenses, if any.
Your willingness to repay the loan - This is determined by checking your credit history through a credit bureau, your loan references with other creditors, and the history of your residency and mortgage or rental payments.
Whether the value of the property is sufficient to secure the loan - This is determined by obtaining an appraisal of the property; by confirming that loan-to-value ratio requirements are met; and, in the case of a construction loan, by approving the plans. You may request a copy of the appraiser’s report.
In addition, a lender may require that the terms and conditions of the loan satisfy secondary mortgage market requirements. As further conditions for approval, the lender may require that you obtain private mortgage insurance and title insurance. You may also be required to pay your taxes, betterments and/or insurance into an escrow account.
Licensed by the
MA Mortgage Broker License #MB3855
As a Mortgage Broker Great Point Mortgage Corporation arranges
but does not make mortgage loans.
Corporate Office: 100 Granger Boulevard, Suite 106 - Marlborough, MA 01752 Phone: 508-481-7900 Fax: 508-481-7920