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mortgage lenders - West Virginia WV: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Pre-Approving Your Loan

If a poor credit history was the reason you were denied the loan, you are entitled to a free copy of your credit report. You also have the right to dispute the accuracy or completeness of any information in your credit report. If you dispute any information, the credit reporting agency that prepared the report must investigate free of charge and notify you with the results of the investigation.

The company you make your payments to very rarely owns your loan. They are the servicer of your mortgage. They are called the servicer because they are simply servicing your loan for the institution that does own it.

What is the property worth? The lender will want to know the value of the prospective home. The loan amount approved will depend on the value of the property to be determined by an appraiser. This appraisal is to ensure that the lender can recover the money he lends, even if you stop making payments. If the borrower fails to repay the loan, the lender has the right to sell the home to pay off the loan -- a process known as foreclosure.

mortgage lenders - West Virginia WV