Before you lend money, it is important to establish the financial worthiness of your client. Traditionally, that was done by checking the client’s credit rating and asking for a copy of his tax return, but that only tells you part of the story. Tax Returns While it
The process of getting a mortgage starting from the process of applying for a loan until you close on your property is a long and winding road. The first step is to gather information about the process and apply for a loan through a bank
Following the financial crisis in the mortgage markets in 2008, lenders have increased the standards of document review and verification that are part of the loan process. Lenders are required as part of the Dodd-Frank Act to perform a thorough review of applicants’ financial records.
In order to obtain a mortgage loan, you need documentation to prove your assets, debt, and income. Some of the documents may be able to be obtained for you by the lender, and some you will need to bring. You can ask your lender what
When you are applying for a mortgage, there will be a significant amount of paperwork that must be provided and prepared for your lender. While each lender may have specific documents they require for their company, every lender will require the following documents. • Pay Stubs.
When applying for a loan, especially a mortgage loan, most people presume the process is secure. After all, you’re sitting in a nice office. The bank officer got you coffee. What could go wrong? The reality is loan applications have become a tremendously intricate process with
If you apply for a home loan, you are likely to have to fill out numerous forms and sign a large number of documents. While it can be easy to feel overwhelmed by the seemingly endless tide of paperwork, it’s important to note that you’re
Having a mortgage is a big commitment that causes a person to spend a great deal of money. It is important to be savvy and understand how to get a loan that has a good interest rate and low fees. Here are the five biggest
Finding a mortgage lender is easy, but walking away with a mortgage can be trickier. In fact, only just over half of applicants are approved. This is especially true in light of tighter credit restrictions following the recent recession. With a logical approach to this
Access to financing determines your ability to successfully negotiate a home purchase. In seller’s markets, proof of mortgage pre-approval can help you clinch the deal, so it is important to to shop for a home mortgage before you start scheduling home tours. 1. Get your Financials