What You Need to Know About Mortgage Loans

If you want to insure that your loan’s process is going to be hassle free and smooth you should follow these tips:

a. If you want to have a mortgage, it will be wise to not apply for any credit cards or get debt cards, car loans, buy property or furniture, etc. If you want to buy new things for the house you are trying to get then you have to wait until your mortgage is approved. If these purchases appear on your credit report, then the lenders will have to factor the purchase in your qualifying ratio.

b. Recheck your credit report you have to make sure that your loan officer’s records tally to yours and you has to make them know about any missing information. If you have missing information in your reports then it might come to haunt you later in your closing.

c. You also have to save all your receipts, bank statements, credit card statements and other proofs of your financial standing until the closing of your mortgage. These are very important documents that might be required from you by the lender in the future.

d. You have to make known to your lender that you are receiving gift funds and large deposits which are not included in your normal deposits. The lender will then have to make sure that you have indeed received these deposits from a donor who is capable of giving such a large amount. It will be sourced and explained by you. If it was a bonus from your job then you have to present a check. If you sold a body part like a kidney then you have to provide proof like paperwork and pictures of your operational scar.

e. If you recently changed your name, or your job then you have to inform your loan officer. Also, supporting details and documents will be needed to verify these changes, and the reason for the change. If for example you were forced to change jobs or quit then you have to give an explanation.

Share and Enjoy:
  • Print
  • Digg
  • Sphinn
  • del.icio.us
  • Facebook
  • Mixx
  • Google Bookmarks
  • Blogplay

Related posts on loans for people with bad credit:

  1. Rates on Mortgage Loans Decline Again Rates on Mortgage Loans Decline Again The interest rates on US fixed mortgage loans decreased once again to its lowest ever. As a result, potential buyers have more motivation to face the housing market. According to Freddie Mac, a mortgage buyer, the average…...
  2. Demand for Mortgage Loans Increases Demand for Mortgage Loans Increases According to a survey conducted by the Federal Reserve this summer, approximately three out of five U.S. banks said that the demand for mortgage loans is increasing as the housing market becomes stable and mortgage rates decline…...
  3. When You Want A Mortgage Or Remortgage Contact A Mortgage Broker. All of us have a particular thing that we do best....
  4. Mortgage Deals: What You Should Know Mortgage Deals: What You Should Know Feeling discouraged with the current situation in finding a mortgage fit for your needs? You may have heard from various stories from relatives and friends about how difficult it is to shop for mortgage nowadays.…...
  5. Learning About Mortgage and Associated Costs of Home Purchase In home purchase, you do not solely need to understand what kind of mortgage you are getting, but conjointly the prices associated with it. All these prices should be paid when closing your mortgage....

Filed under: mortgage • mortgage loans

Like this post? Subscribe to my RSS feed and get loads more!