Mortgage Application
The lender will assess all the different parts of your loan application when you apply for a mortgage.
Your mortgage application might include your income, employment documentation, tax records, assets, credit report, business licenses, rental agreements, legal documents, preliminary title report, your appraisal report and more.
The lender will usually come back with a set of “loan conditions” if they approve your application.
Loan Conditions
The loan conditions may be a few simple things, or much more.
You will not be able to obtain the loan if you do not satisfy these loan conditions because your loan approval is usually conditional on you satisfying all of the loan conditions the lender sets out.
Loan conditions can include providing tax records, written verification of your job position, letter of explanation for a credit issue, business licenses, or any number of other things.
Competing Lenders
There are scores of lenders who proffer loans that entail far fewer loan conditions.
With a higher interest rate and higher monthly payment, these lenders are usually more expensive.
Always reapply for the same or similar loan with a competing mortgage lender if you discover that you cannot satisfy the loan conditions from one lender.
No comments:
Post a Comment