The 4 Main Categories of Info
Required by a Mortgage Originator
I often hear the comment about "how hard" or "how long" the mortgage process is today ...
I hear about the challenges faced within the current mortgage process VS those when anyone breathing could get a Mortgage. During those times I swear I can hear music: (click on the box below)
Now I'm not trying to be smart or funny. But the "loose" lending standards yearned for ... those in play during the early-to-mid 2000's ... are gone. Forever.
If we're honest, those loose standards were crazy. And they didn't work out too well for many American homeowners.
As a Chicagoland Mortgage Originator, I'll admit that the pendulum has now swung way back in the opposite direction. There are instances when Underwriters' demands just about make my head explode.
But I must also say, for the majority of my clients, the majority of steps and requests for documentation now are "common sense". And it only makes sense that an Originator will require them.
So, what are the typical information (documentation) requests from an Originator? What categories do they fall into?
1. Written proof of Real Income. What does that include?
A. Actual Paystubs
A. Actual Paystubs
B. Filed Tax Returns
C. Supporting W-2's, 1099's, and Tax Return Schedules
2. Written Proof of Funds (or Gifted Money) for:
A. The Transaction
A. The Transaction
B. Down Payment
C. Closing Costs
D. Assets
3. Sufficient Credit History to merit the opportunity to pay back the home's Mortgage loan
4. Demonstrate the ability to repay the borrowed funds by maintaining a solid Payment History and stable Income to cover all debt
When provided the info/documentation above, a suitable Credit Report showing all 3 Credit Bureaus (Equifax, TransUnion, and Experian) and a thorough understanding of your Down Payment ability ... I, as your Mortgage Originator, can reach conclusions and provide reliable info regarding "approvable" loan levels.
As you can see, the bulk of the info/documentation required by a Mortgage Originator is items that should be easily at your disposal ... or already in your possession.
Heads-up: This is especially true when you've:
- Been in conversation with your Originator
- Followed the instructions and guidance they've provided in advance of your actual Pre-Qualification/Application
- Prepared yourself accordingly
Note: If you've experienced major financial events, such as Bankruptcy, Foreclosure, Short-Sale, Collections, Charge-Offs, Judgments, etc. ... expect to provide relative supportable documentation/explanation for those events.
That's not so bad, is it?
Don't let the media alarm you. Don't psyche yourself out! Follow the advice I provide and you'll find home buying (or refinancing) success.
Take that first step. In the New Lenox - Will County - and entire Chicagoland area, Contact Me to get started ...
Contact Me today. I'll put my 40 years of Mortgage experience and expertise hard to work on your behalf.
It's easy to find me:
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Lic. 216987
Gene Mundt
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Lic. 216987
American Portfolio Mortgage Corp.
NMLS #175656
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281
Gene Mundt, Mortgage Originator, an Originator with 40 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:
Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Channahon, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.
Your Referrals & Testimonials are Always Appreciated!
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