Discover answers to common questions related to mortgages.
[otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Generally, you can get a mortgage on some types of benefits even if you do not have a source of employment. There are various types of benefits you might receive such as social security, pension, veteran affairs (VA) and unemployment. Lenders commonly want to see at least a three year continuance …
I was a mortgage underwriter for many years. I will tell you how I became an underwriter and how others did it as well. However, keep in mind that there is not just one path to take to become an underwriter. Read what I say below, read what others say, and develop your own plan …
[otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] The number of months required will vary based on your lender. However, the typical requirement is a full two-months of statements. The transaction history must cover a full 60 day period. Lenders commonly want to see the following information on the bank statements: Beginning and ending balances Name of the account …
[otw_shortcode_dropcap label=”A: ” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] An appraisal contingency is verbiage that is typed in a purchase agreement. It states that the property being purchased must appraise for a certain value (usually the purchase price) or the buyer can get out of the contract or renegotiate. For example, if the purchase price is $200,000 and the …
[otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] All mortgages will at least have one borrower who is responsible for repayment of the loan and will take title (ownership) to the property. When an additional borrower is added to the mortgage, this person is consider a co-borrower. For example, let’s assume there is a married couple named Sam and …
[otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] A mortgage lender will verify your employment as a part of the mortgage process. The lender does this to make sure that you are still employed and working in the position that you disclosed on the application. If there are any material discrepancy discovered during the employment verification, the lender (usually …
[otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] It depends on the policy of the lender where the borrower obtains a mortgage. Lenders may accept bank statements as they are submit without additionally verification. They, usually an underwriter, will do a full review of the bank statements and verify that there are no large deposits that need to be …
[otw_shortcode_dropcap label=”A: ” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] There are various reasons why you might want to switch your mortgage lender. Whatever the reason might be, you are able to change your mortgage lender in most cases. There are ways to switch your lender while you have an existing mortgage or while you are in the process of …
[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Why do mortgage lenders need bank statements? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] It may seem like mortgage lenders request an abundance of documentation when you are applying for a mortgage. One of the many documents that you may be required to provide are bank statements. It is not often just one month, …
[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Can I get a mortgage loan without tax returns? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Yes, it is possible to get a mortgage without tax returns. However, it depends on the documentation a particular lender requires. Generally, there are types of income where tax returns will commonly be required and other types of …
