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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


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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!

      

     

      


     

      

     






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