Submitting pages and pages of bank statements is one of them, including all those blank pages.
John does a great job of educating us about what lenders look for in bank statements and why, and offers some wise counsel to borrowers about getting prepared for submitting the needed documentation and avoiding potential problems. What Do Mortgage Lenders Want to See in Bank Statements?
When a mortgage lender requests your bank statements, it can be … (5 comments)
Gene does a great job of providing a summary of a number of loan options for buyers - great information for borrowers, as well as agents, to know about.
Part #2 of Game Plans & Options: Determining the "Best" Loan Type for You
In Part 1 of this post, I likened my role as a Mortgage Originator to that of a coach on a sports team ...
The goals are surely … (3 comments)
mortgages: Prove to Sellers You're Serious: Be Pre-Qualified!
- 06/22/17 07:29 AM
We all know how important it is to get pre-qualified as a buyer, especially in our competitive market, yet so many buyers don't seem to understand the importance and value of doing so. This will help them get it!
Prove to Sellers You're Serious: Be Pre-Qualified!
Be Pre-Qualified for your Mortgage before you go and view homes! There, I've said it. First thing. Right out of the box. So it can't be missed. I place that advice right at the top of this post in bright colors so it's not overlooked. And because it's such a very important message, especially for buyers … (14 comments)
Please stop by Gene's post to share your thoughts there, too. He'll appreciate it. With Golf and Mortgages: It's Important to Know the Rules There are a LOT of rules in golf ...
That fact has drawn increasing attention as of late. But truth is, golf rules have always provided controversy and remained in the forefront of gold tournaments over the years. Just ask these pros: LPGA … (14 comments)
Buyers need to understand all there is to know about how to buy a Carlsbad home, from start to finish, including the terminology used in real estate transactions that may be confusing, especially if you are a first time buyer. “Funding” is one of those words you should understand.
Certainly the most exciting part of your home purchase is your closing. It’s handled in different ways in different states, but once it happens you become a new home owner. You can learn more about closing here in the Carlsbad area and closing costs with these links. Or watch the short … (22 comments)
mortgages: Borrowers Need To Beware Of Costs Related To Interest Rates
- 06/21/16 04:58 AM
In follow-up to his earlier post on how interest rates and APR differ, George Souto does another great job on explaining why some of those low interest rates may not be quite the deal they are perceived to be. Well worth a read!
Please stop by George's original post to comment there, too!
Borrowers Need To Beware Of Costs Related To Interest Rates. Two weeks ago I posted a blog titled "Why Is The Annual Percentage Rate (APR) Higher Than The Interest Rate", the blog included examples of the fees that make up the APR and why the APR is higher than the … (5 comments)
It seems underwruters are scrutinizing more and more carefully all the time, with more explanations and documentation required which can hold up the approval process even further.
I have written about this topic before, and feel it is important to write about it periodically as a reminder, and also update any changes. Mortgage Applications continue to be examined more and more closely with every new guideline change that is made. With the extra scrutiny the opportunity … (6 comments)
One of the big steps in the transaction for buyers getting a loan is receiving the commitment letter from the lender that you have been approved. This commitment is subject to a series of conditions, extensive in some cases, that must be met and approved by underwriting before a final approval can be issued. For the most part what this means to you is providing more paperwork to document funds, deposits, or withdrawal in bank accounts, as well as other items that the lender wants to see. The list can be … (27 comments)
The Mortgage Credit Certificate Program (MCC), is a little known program for first time home buyers in San Diego County.
The MCC provides a reduction in the federal taxes that are withdrawn from your paycheck (up to 20% of the interest on the loan, for the life of the loan) which means more take-home pay per month and the ability to qualify for a larger mortgage. Imagine having $250 … (4 comments)
mortgages: What You Should Know about the New GFE and HUD-1 Forms
- 05/18/10 05:24 PM
What You Should Know about the New GFE and HUD-1 Forms One of the more interesting sessions at NAR on day 2 last week, surprisingly, was a session on RESPA, specifically the new GFE (Good Faith Estimate) and HUD-1 Forms. Phillip Schulman, Esq., conducted the session with plenty of specific things to know and a fair bit of humor. The main components of these documents include: New GFE (Good Faith Estimate) Controversial YSP (Yield Spread Premium) Tolerance limitations (Zero, 10%, No Tolerance) New HUD-1 (now 3 pages) Average Charges The irony, of course, is the intent was to simplify, yet … (33 comments)
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None of the information in this blog is intended to be, or should be construed as, legal, financial, or tax advice. Please consult the appropriate qualified professionals if such advice is needed.
It's common for buyers to not understand all that the lender wants in terms of documents when applying for a loan, and why these are important.
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