Yes, things have changed – since the downfall of the mortgage industry lending has become much more stringent. The "easy to qualify" mortgage loans no longer exist and underwriting guidelines have tightened up however this is often exaggerated by the media. The reality is that many of the guidelines that have existed for decades are simply being adhered to more diligently and the basic things like income, credit and down payment matter once again, especially with the roll out of the Qualified Mortgage.
How to prepare for your loan application:
You will need to prepare to provide documentation in regard to income, assets, credit, residency, and everything else that helps paint the perfect picture for your loan officer and your underwriter. We will discuss this in more detail or you can call me at anytime!
The mortgage application is filled out and esigned at the beginning of loan process then updated and signed again at closing. Every step of the mortgage process is dedicated to verifying a fact or validating an assumption that was disclosed on the initial application. The mortgage loan application is broken in to straightforward sections and I will review each of them as we move forward.
In the course of the loan origination process, you will have to provide the underwriter with detailed documentation of your financial history. Be prepared to provide the following paperwork to our team for a timely submission to the underwriter.
