Skip to main content

The 4 Main Categories of Information Required by a Mortgage Lender

     The 4 Main Categories of Information 
Required by a Mortgage Lender

     I often hear the comment about "how hard" it is to get a mortgage 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 Lender, 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 a Lender will require them.

     So, what are the typical information (documentation) requests from a Lender?  What categories do they fall into?

     1.  Written proof of Real Income.  What does that include?
       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 
       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 Lender, 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 Lender are 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 Lender 
  • 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 Chicago area, Contact Me to get started ...

     *  Wondering if you can Buy, Build, or Refinance a home in the Chicagoland area?  Contact Me today.  I'll put my 37 years of Mortgage experience and expertise hard to work on your behalf.
     It's easy to find me:
Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

  Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   
 Trulia Acct. of Gene Mundt, Mortgage Lender   Zillow Acct. of Gene Mundt, Mortgage Lender    Klout Acct. of Gene Mundt, Mortgage Lender    Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender 

Gene Mundt, Mortgage Lender, a Lender with 37 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, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL

Your Referrals are Always Appreciated!








Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...

“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.


Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?

These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:

Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…