Best Mortgage Loans

In the olden days, in Europe, a mortgage was a legal document wherein the borrower hypothecated the land that he owned to the lender for obtaining a loan of money. The use of the land remained with the borrower but the title or ownership of the land is transferred to the lender if there is default in redemption of loan or on the borrower’s death.

In the USA the term mortgage loans is used for loans taken on home properties wherein the borrower purchases the land and house, or a flat from a developer of property on deferred payment basis, using the house property as collateral till the amount of loan is fully redeemed. The borrower retains the use of house while the title of the property is with the lender until the full repayment of the loan amount with interest.  

Mortgage loans are a major method of business finance in the USA. Mortgages are commercial paper which can be conveyed and freely assigned to any other legal entity like a banking company. The US government has created and developed systems and organizations to foster construction of homes, and individual ownership of homes, by mortgage lending. The popular terms Fannie Mae and Freddie Mac and Ginnie Mae are the names given to three such institutions Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Government National Mortgage Association (Ginnie Mae) which is the biggest organizations in the mortgage lending business.

These organizations buy large number of mortgage loans from the banks and issue their “mortgage backed bonds’ at a lower rate of interest to investors, which are commonly termed as Mortgage-Backed Securities (MBS). The banks are able to relent the money for their banking activities thus able to do more banking business than they could have done with their deposits. The investors get better returns from the low risk MBS than the returns from other type of bonds.  The ordinary American is able to purchase a home from these mortgage systems fulfilling an essential necessity and a dream.

A Mortgagor is required to furnish the following information and documents at the time of obtaining the home loan and mortgage.

Credit Report

1003 — Uniform Residential Loan Application

1004 — Uniform Residential Appraisal Report

1005 — Verification Of Employment (VOE)

1006 — Verification Of Deposit (VOD)

1007 — Single Family Comparable Rent Schedule

1008 — Transmittal Summary

Copy of deed of current home

Federal income tax records for last two years

Verification of Mortgage (VOM) or Verification of Payment (VOP)

Borrower's Authorization

Purchase Sales Agreement

1084A and 1084B (Self-Employed Income Analysis) and 1088 (Comparative Income Analysis) - used if borrower is self-employed. The Freddie Mac ‘loan Prospector’ and the Fannie Mae ‘Desktop Underwritee’ are very useful document and method of obtaining a mortgage loan.

Mortgage Loans are long term borrowings. The mortgager needs to take adequate precautions as predatory mortgage lenders are always around, but there are many schemes available to alter or amend the terms of payment of the mortgage loans to allow the ordinary American to own his home and hearth.

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