Mortgages

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Can I get a mortgage without a job? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Having a job is not the only way of obtaining income. There are several other ways people bring in income besides employment. Mortgage lenders recognize this and consider various sources of income for mortgage qualification. However, this does not mean […]

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] How do lenders verify income? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] The way lenders (underwriters) verify income depends on the source of income. A person who is self-employed will provide different income documentation from a person who is a not self-employed. There are also people who qualify for a loan without employment income

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What is the difference between a loan amount and purchase price? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Loan amount and purchase price sometimes get confused in a purchase transaction. It can be difficult to distinguish between the two figures if you are not familiar with the lending process. The loan amount is the

When you apply for a mortgage, it is likely that your lender will have you sign IRS Form 4506-T. A signed 4506-T gives the lender the ability to obtain tax return transcripts for the years that they request. It can also verify past form W-2,  form 1099, and other related income documents. The 4506-T even

[otw_shortcode_dropcap label=”Q:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What do mortgage underwriters look for on bank statements? [otw_shortcode_dropcap label=”A:” size=”large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] The underwriter is responsible for reviewing items such as income documents, asset statements, credit reports, and other documentation. They base their decision on a loan after a review of this documentation. Bank statements or other asset documentation is typically required to show

[otw_shortcode_dropcap label=”Q:” size=”Large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] What is a gift letter for a mortgage? [otw_shortcode_dropcap label=”A:” size=”Large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Some people have the benefit of receiving a gift when they obtain a mortgage. The gift comes from another individual willing to give the borrower assistance in securing a loan without expectation of repayment. Gifts are often classified into two

[otw_shortcode_dropcap label=”Q:” font=”Cabin” size=”Large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] Do mortgages appear on a credit report? [otw_shortcode_dropcap label=”A:” font=”Cabin” size=”Large” border_color_class=”otw-no-border-color”][/otw_shortcode_dropcap] It is very likely that if you obtain a mortgage it will show on your credit. This is especially true if the lender is a large bank like CitiMortgage, Wells Fargo, or Bank of America. Information that is reported

A mortgage underwriter works for a bank or other mortgage lender. They are responsible for determining the eligibility of a borrower for a mortgage loan based on the lender’s guidelines. An underwriter will review documentation like bank statements, pay stubs, appraisals, and credit reports to determine the creditworthiness of a borrower. Based on this review,