The Mortgage Lending Process
Wednesday, September 24, 2014
12:00 PM-1:00 PM
This workshop will provide participants with an understanding of the basic components of the mortgage lending process, how the condition of the economy impacts the mortgage market, Conventional vs. FHA loans, the importance of credit scoring and its impact on the cost of your mortgage. Participants will also learn about the mortgage pre-approval program, the Franklin Mint Federal Credit Union’s unique 3/2 ARM portfolio program, documentation requirements, acceptable sources of funds to close a loan and the benefits of a Franklin Mint Federal Credit Union (FMFCU) mortgage.
By the end of the seminar participants will understand: how economic conditions impact the Mortgage Market; the difference between conventional vs. FHA loans; the importance of your credit score; the different programs available to members; what documents and funds are needed for settlement; the advantages of an FMFCU mortgage.
Althea Wallace of the Drexel Home Purchase Assistance program will be on hand to provide details about how you can obtain $19,000 ($15,000 from Drexel and $4,000 from the City of Philadelphia) for the purchase of your next home, or $5,000 to renovate your home, if it is located within the defined University City boundaries.RSVP to Monica Fauble:
firstname.lastname@example.org and include any dietary concerns. This event is open to all faculty, professional staff, and students.