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Financing Your Home >Mortgage Fears
It is not unusual for home buyers to feel that the lender is being very critical during the loan approval process. The buyer is required to provide all kinds of financial information, and then the lender asks for more. If this is your experience, and the process seems discouraging, remember that none of this is personal!
Some lenders have more stringent requirements than others, but every lender requires a substantial amount of documentation on a mortgage loan. They must verify employment, credit history, and recent financial transactions involving your liquid assets. If your Visa payment was late, they may ask for a letter explaining why. If you are self-employed, they will ask for tax returns from at least three years and probably a year-to-date profit and loss statement.
Government regulations require mortgage companies to document everything. And while the loan officer may know that you are a reliable risk, the underwriters must be able to defend the loan to a federal bank examiner or auditor.
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| Q |
What are three of the best indicators of real estate market trends?
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| A |
Existing home sales, new home building and mortgage interest rates.
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See More Real Estate Trivia > |
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Jim, Caroline and the Davis
Team Realty World South 1874 Slaughter Road Madison, AL
35758 Phone: 256-325-8500 Fax: 256-325-8504 Email:
huntsvillesold@NUMBER1EXPERT.com
Absolutely Accessible -- Marketing,
Promotion, and Profit for Property Owners. When you need the assistance of a
Realtor, Jim, Caroline and the Davis Team are Absolutely Accessible. We
dont just sell homes (even though we do it faster) we give quality,
competent representation for buyers. Our track record of exceptional
representation for Buyers and Sellers is unparallel in the market today. The
old ways of sticking a sign in the yard and waiting for a call are gone.
Information on our new proactive approach is found in our complete marketing
package that is available to prospective customers free of charge and
obligation. Call or email us today for your free package. 800-515-9959 / 256-651-8500
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