Once you complete your application, it will be given to a processor within the mortgage company who will organize your paperwork and may verify your employment, bank balances, and other information.
Be sure to
respond promptly to requests for information while processing is taking place.
Some of the most commonly requested items that may not have
been collected during the application process include:
The final purchase contract for the house (if applicable).
If you're self-employed, the mortgage company may require
your personal and business tax returns for the previous two years and your
company's year-to-date Profit and Loss statement.
Divorce settlement papers, if applicable
Updated account statements for listed assets in the
application that may have changed in value.
Additional information about debts or credit report items
that may have been delinquent or not accurate.
Evidence of your mortgage or rental payments, such as
canceled checks.
An irrevocable gift letter if you are receiving a monetary
gift from a relative.
The processor will be gathering up this information before
presenting it to the underwriter. An underwriter reviews all the information in
your loan file to determine if the application meets the lender guidelines.
With approval, a lender should give you a letter of commitment, which is a
promise from the lender to make a loan based on specific terms and conditions.
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