To ensure you won’t fall victim to loan fraud, as you’ll see in this video, be sure to follow all of these steps as you apply for a loan:

• Be sure to read and understand everything before you sign.
• Refuse to sign any blank documents.
• Do not buy property for someone else.
• Do not overstate your income.
• Do not overstate how long you have been employed.
• Do not overstate your assets.
• Accurately report your debts.
• Do not change your income tax returns for any reason.
• Tell the whole truth about gifts.
• Do not list fake co-borrowers on your loan application.
• Be truthful about your credit problems, past and present.
• Be honest about your intention to occupy the house

And do not provide false supporting documents.

RESPA stands for the Federal Real Estate Settlement Procedures Act. This video tells you about it all.
RESPA requires lenders to disclose information to potential customers throughout the mortgage process. By doing so, it protects borrowers from abuses by lending institutions.
RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices and business relationships between closing service providers and other parties to the transaction.
For more information on RESPA, visit HUD.GOV or call 1-800-569-4287 for a local counseling referral.

Yes, loan origination involves costs and fees. As you’ll see in the video, when you turn in your application you’ll be required to pay a loan application fee to cover the costs of underwriting the loan. This fee pays for the home appraisal a copy of your credit report and any additional charges that may be necessary.
The application fee is generally non-refundable.

The video puts this in more visual terms, but your personal situation will determine the best kind of loan for you.

By asking yourself a few questions, you can help narrow your search among the many options available and discover which loan suits you best.

• Do you expect your finances to change over the next few years?
• Are you planning to live in this home for a long period of time?
• Are you comfortable with the idea of a changing mortgage payment amount?
• Do you wish to be free of mortgage debt as your children approach college age or as you prepare for retirement?

Lenders can help you use your answers to decide which loan best fits your needs.

There are some great tips in this video. Choose your lender carefully. Look for financial stability and a reputation for customer satisfaction.

Be sure to choose a company that gives helpful advice and that makes you feel comfortable.

A lender that has the authority to approve and process your loan locally is preferable since it will be easier for you to monitor the status of your application and ask questions. Plus, it’s beneficial when the lender knows home values and conditions in the local area.

Do your research, and ask family and friends.

Once you’ve supplied the 6 required piece of information and included any other information the lender deemed necessary, you’ll receive a Loan Estimate within 3 business days.
Once all the information has been verified IF the loan is approved the lender will provide a Closing Disclosure to you three business days before loan consummation. T
hey’ll usually set a date for loan consummation – which may also be at your closing meeting.
Closing is basically transferring ownership of the property; consummation is commmitting to the loan itself.
Once both are completed, you should be planning your move-in.