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Home » Mortgage Lending in the United States » The Mortgage Process in US

The Mortgage Process in US

Any loan taken against a fixed asset which is generally a building or any other property is in the common layman's term known as Mortgage. Mainly of two types Mortgage loan could be either private or commercial depending on the asset kept as security to the financial institution. Owing to the bursting growth of the real estate sector in the United States of America,there has a huge growth in the ambit of Mortgage lending Institutions as well . Be it the private Mortgage company or any body directly under the purview of the government,all adhere strictly to the Mortgage Process in US.

Mainly taken for the purpose of acquiring a new property,be it a residential house in case of a private mortgage loan,or any new high rise or office complex in case of a typical Commercial Mortgage,United States lays a host of rules in acquiring or lending a Mortgage loan.
The Mortgage Process in US is vast but not convoluted and intends to influence the Mortgage industry in the positive note. There are broadly 2 types of mortgage instruments in America-one is the mortgage deed while the other is the deed of trust. Although The Mortgage Process in US is overall a general set of rules applicable throughout the country,there are slight variations from one state to the other.

The Mortgage Process in US initiates with the written application of the borrower to the Mortgage Lending institution where he not only states the purpose of his loan but all offers credentials supporting his payment records,credit history and his general credibility in the market. This process is known as Origination in the dictionary of Mortgage Lending in the US. Mortgage Lending being one of the significant industries in America,almost all companies render an easy comprehension for all the The Mortgage Process in US so that the common borrower does not get lost in the world of jargon.
 
Mortgage Lending in the United States