Home Loans
How Do I Know When My Mortgage Application Is Approved?
(presented by www.refinance-refinance.net - mortgage lenders)
- income
- tax records
- employment history
- rental history
- credit report
- bank statements
- any legal problems
- loan amount
All of these factors and more are used to decide if your application should be approved. A lender may approve you for one type of loan and not another. Lender requirements can vary between loans. The same lender may require a minimum 680 credit score for one type of loan but a 600 credit score for another loan.
Counter Offer
Sometimes a lender will not approve your loan as you want it, but gives you a counter offer with terms that they think make more sense.
For example, a borrower may request a cashout of $150,000 from their property. A lender may counter offer a $75,000 cashout instead. This may be because the lender doesn’t want the borrower’s credit burden to be too high.
Conditional Acceptance
When a mortgage application is approved the borrower usually receives the loan conditions that go along with this approval.
Loan conditions are requirements a borrower must meed in order to get the loan.
Some of them are very basic, such as providing a copy of picture identification.
Other conditions may be much harder to do, or involve a lot of work.
A lender may request a letter of explanation about a certain bad debt, or a recent employment gap. Lenders are typically interested in the past 2 years of employment.
A lender may object to the terms of real estate purchase if the purchase agreement is unclear or ambiguous. Lenders can and will hold up a purchase if the offers and counteroffers that both parties make in a real estate purchase are unclear. This can hold up a loan close to the end !
of the p
rocess, so make sure everyone is available to update any documents.
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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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