Last Updated on 06/02/2017 by GS Staff [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

Last Updated on 11/11/2017 by GS Staff 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

Last Updated on 11/16/2017 by GS Staff [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

Last Updated on 06/11/2017 by GS Staff [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

Last Updated on 06/02/2017 by GS Staff [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

Last Updated on 06/11/2017 by GS Staff 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