Mortgage Loan Documentation: What Lenders Require From Borrowers
Mortgage Loan Documentation: What Lenders Require From Borrowers - A home loan balance transfer is the transfer of the unpaid principal amount you have on your home loan to another loan financial institution. The new lender pays the principal balance to your current lender, and you pay the balance of the loan plus interest to the new lender.
There are many reasons why one might opt for a home loan balance transfer. The most common are –
Mortgage Loan Documentation: What Lenders Require From Borrowers
Before you apply for Home Loan Balance Transfer to HDFC Home Loan, there are various things you need to keep in mind before starting the process.
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Generally, if you want to opt for a home loan balance transfer, it is always better to do it in the early stages of your home loan.
Many lending institutions have their own home loan eligibility calculator that you can use to determine in advance whether you meet their basic home loan eligibility criteria. This does not guarantee that your HDFC Home Loan will be approved, but you will get a clear idea about the amount, tenure and interest rate.
To decide whether home loan balance transfer is really beneficial for you or not, you need to consider a few things:
2) Principal Amount of Home Loan Balance – If the outstanding amount is very low, it is wise to complete your loan with the same lender.
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4) Processing charges or other charges that you may pay while transferring the home loan balance. Usually around 1% is charged as processing fee, but it can vary.
Home loan EMI calculators can help you calculate the EMI you pay and make the assessment process much faster.
Alternatively, you can also refinance your existing home loan with your existing lender. All you have to do is write or inform them that you are getting a better offer from another home loan financier. If your existing lender agrees to offer you those terms, it will be easier for you as the home loan balance transfer process can take a lot of time. So weigh both the options to see which works better in the long run and choose accordingly. Processing loans and mortgages requires a lot of data processing. The data is sensitive in nature and should be carefully checked by the lender before granting the loan amount.
The mortgage process is a complex process. From the stage of lending to the agreement and the completion of many documents passed, various requests for information from the submitted documents or a new set of documents are required.
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Traditionally, filing is the order in which loan documents submitted by the applicant are stored in a legal-sized file. Documents are stored in a specific order, and it is easy to find a document if the borrower wants to refer to it. Although digitization has taken place with the advent of computers, the order or 'order' remains the same.
Federal authorities provide checklists for order registration, e.g. USDA provides a checklist for the order in which a set of documents should be submitted. Just going through the parts of the checklist is enough to understand the importance of consistency. The line explains this. The checklist is divided into three main sections as follows: Of course, the checklist varies depending on the type of loan sought.
This makes one wonder, why is isolation necessary in today's IT world? Count the files according to the checklist and send the dockets for processing.
Loan applications can be completed in a few pages. The documents submitted are extracted from various sources like bank statements, payslips, property declarations, income proofs etc. From the applicant's point of view, they are important because they represent his eligibility for a loan. But from the lender's point of view, the need to understand the ability to pay is very important - and the document is the only way to help the borrower in this regard.
Mortgage Loan Closer Cover Letter
Also, the required documents vary from state to state as well as from state to state. Additionally, there are documents that are scanned images of physical documents. This makes organizing and indexing documents more difficult.
A simple one-page document that is misplaced or misread can ruin the entire loan process, affecting your reputation and market position.
The manual process of sorting and indexing is time consuming and not an efficient/effective method. OCR is the best way to solve various problems and index documents. OCR stands for Optical Character Recognition and is a technology that converts handwritten or printed text into a machine-readable format. OCR largely replaces manual data entry.
In addition, by adding machine learning (ML) to OCR, one has a powerful solution that can fully automate the process of ordering and listing a mortgage service, allowing:
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DocEaze is an ML and OCR document management platform specifically designed to automate the indexing and collection process throughout the credit processing lifecycle. Developed by experts with decades of industry experience from Avanze Global, it effectively solves document management problems. An easy-to-use and scalable solution, DocEaze is a tool that can take your business to a new path of success.
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