Liabilities For the most part this information will be populated with data gathered from your credit report. I find that many are very cautious about having their credit report pulled. This is primarily driven by a concern that credit inquiries will reduce your credit score.
I’m not going to go very deep, in this post, about the credit report, because this subject will be best addressed by separate postings in greater detail. However, let me … (3 comments)
Net Rental Income Gross rental income is reduced by 75% to account for potential vacancies. Any mortgage principle, interest insurance and taxes is then subtracted from the vacancy discounted income.
As indicated in the opening paragraph this is a general overview of income considered for mortgage loan applications. Look for additional posts regarding … (2 comments)
Down Payment The minimum down payment requirement increases from 2.25% to 3.5%. For a more detailed explanation of this change with descriptive examples, click here.
Rate and Term Refinances Quick explanation of “rate and term refinance” , new loan amount only includes existing mortgage balances being refinanced plus closing costs, prepaid expenses and any discount points. Maximum loan to value is 97.75% of the appraised value of the property If an existing … (12 comments)
applying for a home loan: Your Home Loan Application- Series 3- Employment Information
- 12/27/08 03:48 AM
Employment Information Are You Stable? This section of your home loan application addresses your employment information. Stability is considered by looking back over at least the past two years. Another of the two year look backs of a mortgage loan application.
Be prepared to provide your mortgage lender with the name and address of your employer(s). How long have your worked for this employer? Please be exact with your to and from dates. Many times I’ve asked mortgage loan applicants, “How long have your worked there? I will receive a reply “I’ve been there about two years”. Probing further I … (0 comments)
Of course you will need to provide your full name, as it appears on your social security card. It is also useful to provide your loan officer with any other name you may use or any other name you may have used. First, we like to call you by the name you prefer to be called. Second, if you have changed your name either by marriage or previous marriage or have used any other name, it's a good idea to share this with you home loan lender. … (0 comments)
When I initially speak with someone interested in a residential mortgage most of the time the first question I am asked is either (1) what are your rates. Or (2) what do I need to do to qualify for a loan? The purpose of this series is to address the steps in completing a mortgage loan application for qualifying purposes. I will make one quick statement on rates. The question is not what are my rates, but what is your, the customers, rate. Home loan rates are dependent on many factors such as your loan profile, the type of … (2 comments)
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Jay Williams
Mortgage Loan Officer - Getting You The Right Loan
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This review of the Residential Loan Application addresses your assets and liabilities. Quite simply what do you own and what do you owe. ;)
;)
