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Last Modified: May 20, 2009Mortgages

Whenever an application for a mortgage loan is made to a lender, the information on the application is analyzed in order to determine whether or not the borrower is capable of paying back the loan. Loan applications used to be made manually by loan underwriters but nowadays automated online computer programs are used to make the analyses. There are also extensive mortgage calculators which can be very helpful in evaluating various mortgage scenarios.

The most widely used automated programs used by underwriters are Freddie Mac's Loan Prospector and Fannie Mae's Desktop Underwriter. The automated computer programs analyze a borrower’s income and compare that to the borrower’s debts. The computer programs also consider the borrower’s credit history (FICO score), total worth of assets, and type of job in order to arrive at a decision. Since the decision making process is automated, it is very important to keep constantly informed about the daily fluctuating mortgage market in order to be able to submit applications that will be approved. Experienced mortgage professionals help people identify the most appropriate kind of mortgage to obtain the best interest rate and best suit their needs.

See: Mortgage Lenders in Shreveport