The 20 Whats of Home Mortgage # 8 -10

These are numbers 8, 9 and 10 of the 20 what of home mortgage...

8. What is full loan approval? - This is loan approval based on an under writers evaluation of documents and the ultimate loan decision.

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9. What personal documents are needed when I get a loan? - Here is a list of documents.

A. 2 months current bank statements (all pages, all accounts)

B. 1 months pay stubs with year to date income for all borrowers

C. Copy of your Social Security card and ID

D. Copy of and retirement statements (all pages)

E. Copy of last 2 years Federal Tax returns and W’2s

F. If Divorced we will need copy of divorce decree.

G. Many time letters of explanation with is needed.

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10. What is a loan lock? - It is when your loan interest rate is locked in. Interest rates are very dynamic. They can and will change multiple times in a day. So an interest rate quotes now may not be the same interest rate in an hour from now. So if your loan is not locked it is not your rate.

Stay tuned for more of the 20 whats of home mortgage.

Thanks
Keith Woeste
American Financial Network
831-801-8667
NMLS 292588
Mortgages4california
hollistermortgage
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