A mortgage loan is a loan where a property or real estate is used as collateral to help a homeowner purchase a home. Mortgage loans can also be known as liens against property or claims on property. A mortgage loan is important as an individual who wants to purchase property will be able to do so without paying the full price up front.
A mortgage loan is usually classified as a long term loan as the time that is required to pay for the loan may span from 5-30 years depending on the agreement that has been made. Mortgages are usually not very easy to secure as they pose a risk to the lender since there are no guarantees that the borrower will be able to pay in the future. The borrower also faces a risk of foreclosure if they fail to pay which then reflects poorly on their credit score.
There are several types of mortgage loans these include;
A mortgage loan audit checklist is used to ensure that all the items needed in securing a mortgage are reviewed and nothing is left out. A mortgage checklist comes in handy when compiling and evaluating mortgage application data. Since the data is broad and the process is long the checklist ensures every item is accurately checked to prevent fraud.
The checklist contains the following essentials;
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