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Personal Finance
And Mortgages
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If you are planning to apply for a mortgage in the near future, it may
pay to be prepared. Lenders will want to dig into your financial life,
and you must be prepared to present them with the paperwork that they
require. If you wait until the last minute, it could hold up your approval
process, and that dream home may slip away!
Be prepared by having the following documentation ready BEFORE you ever
apply for the loan. (And watch your loan officer smile!)
Employment Information
Some borrowers will have to provide more than just a W-2 from their
employers. If you fall under one of the following categories, you will
have to provide the lender with your tax returns for the past two years.
* If you are employed by a relative
* If you are self-employed
* If you work on commission
* If bonuses account for 25 percent or more of your income
* If you own two or more rental properties.
If you receive income from other sources, such as child support or disability
pay, you must provide proof that you are entitled to it, and in addition,
that you are receiving it. This could be canceled checks, divorce degrees
or other contracts.
Finally, if you have been unemployed for 30 days or more at a time,
you will have to provide the lender of an explanation telling them why.
Closing Cash
You’ll likely have to come up with some cash in order to close on your
property, but you’ll have to get some paperwork in order for that, as
well. In short, you will have to provide documentation for every cent
that you use—if it’s above your normal account balance.
For example, if you’ve always had $1,000 pad money in your account,
and then suddenly you have $10,000 in the account to be used for buying
the property, you will have to show where it came from. If it’s a gift,
then you’ll have to provide the lender with a letter from the giver
explaining that the money was a gift, along with a copy of the check,
and in addition, the deposit slip from your account showing the date
the deposit was made.
Do this for every increase or large out-of-the-norm deposit that your
bank statement shows, because the lender will require explanations for
them.
Credit Issues
Another area of your personal finances that will require heavy documentation
is your credit report. When a lender considers you for a loan, one of
the first things that they’ll do is check your credit report. If they
find discrepancies or bad marks, they will need an explanation before
moving forward. One way you can speed up the loan process is to have
them ready before they even ask.
Start by getting a copy of your credit report and looking it over. Are
there things that don’t belong? You have to right to contest false statements
on your report, but know that the credit reporting agencies have thirty
days to respond to a complaint.
If there are bad marks on your report that are justified, you will have
to face them head on. One way to do this is to write a letter of explanation
to your lender. For example, if you were unemployed the prior year and
your report shows that you were late two times on your car payment put
the reason in writing and submit it. Remember, the key to a good letter
is to show the problem, but more importantly, show the lender how you
fixed it, and assure them that it won’t happen again.
These are just some of the thinks that you can do ahead of time to make
your loan application process go smoother. By being prepared, you have
a better chance of getting a loan, and getting it faster!
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
Other Credit And Real Estate Related Information
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