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    The mortgage process can be a very involved event. Future home owners often spend days, sometime months shopping lenders, looking at homes, saving for a down payment and deciding exactly how much money he or she can afford on a monthly mortgage payment.

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    ou are more likely to get the terms that you want that fit your financial information in a relatively easy and simple way.

    In order to get the best mortgage for you, which may be a certain principal amount, mortgage term, or perhaps specialized such as less than 20% down towards a down payment, you must know the mortgage lender's responsibility before you apply and are accepted for the mortgage.

    Mortgage lenders offer two different types of information to potential loan applicants, informal and formal. This informal and formal information is used to determine the type of loan the applicant needs and can qualify for, before the application is actually addressed.

    Formal information includes pre-qualifying underwriting standards such as housing and debt ratios that are applied to the applicant

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