Have you ever thought about the mortgage loan process? If you’re in the market for a home, you may be shopping for the perfect mortgage option. Understanding where the process originates can help you map out your homebuying timeline and identify the professional institutions you’ll work with to secure your loan.
A mortgage origination company is a business working closely with underwriters to complete the first and finalizing steps for mortgage loans. They gather documents, personal information and signatures to make sure the process runs smoothly.
Mortgage origination is the first company (originator) who starts the loan process. This can be but is not limited to mortgage brokers, retail banks and other mortgage lending institutions. They gather documents such as W-2s, personal ID’s and credit history to determine if applicants are qualified to receive a loan.
For most homeowners, financing through a mortgage loan was the best way to secure a property. Recent mortgage statistics have found over 64 percent of homeowners financed their home purchase through a mortgage loan.
For many homeowners, mortgage debt constitutes the largest portion of money owed to any institution. Currently, around 70 percent of US debt stems from mortgages.
Taking on a mortgage is a large responsibility, so it’s wise to do research on the mortgage industry to best understand mortgage rates and trends. Doing so can help you find the best deals to finance your home purchase.
Terese Ferrara is a long-time resident of the Bay Area and has been a partner with the Goss | Ferrara Real Estate Team. She and her husband raised their two daughters in San Jose, where she successfully continues to build her real estate career.
After earning a bachelor’s degree from San Jose State University, she went on to teach in the San Jose Unified School District for 9 years. Transitioning to real estate was a logical choice, utilizing her patient demeanor to educate all levels of buyers and sellers. Knowledge and experience demonstrate her vested interest in delivering the highest level of care and professionalism to every client. She consistently strives to exceed her client’s expectations throughout the entire real estate transaction and remains a trusted advisor long after each close.
As a board member on KW Bay Area Estates’ Associate Leadership Council (ALC), she aids in support of culture and professional development strategies for over 180 associates. Terese is also a Director for the Santa Clara County Association of Realtors Foundation, which supports community service initiatives in Silicon Valley.
Terese is the consummate real estate professional dedicated to providing unparalleled service to her clients through ongoing training and education, keeping her on top of the dynamic market and latest real estate trends. Her high-touch approach coupled with honesty and integrity support her commitment to her client’s real estate needs.
