To determine if you qualify for a loan lenders require a lot of documentation. The day of the "NO DOC" loan is gone. These days, most lenders require you to get what a client once called "financially naked". Don't shoot the messenger, believe me, if it wasn't required, loan officers wouldn't ask for it!
One of the first things that will be done for a mortgage review is a credit review. This will help to determine your total amount of debt in addition to your credit score. It will … (3 comments)
The perception in the market is that loans are harder to get these days. Actually, they are easier to get then they were, but certainly harder than before the mortgage meltdown. It became too easy for unqualified borrower's to qualify for mortgage loans and the result was folks in home who should have either never purchased or homes they really couldn't afford.
What are the top four reasons loans are denied?
1. DTI Debt to Income-Potential buyers have too much debt. The total of all monthly payments on credit cards, student loans, … (5 comments)
Financially Naked- Documents Needed For A Mortgage
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