Your Questions About Check My Mortgage Statement

George asks…

When going to get pre-approved for a mortgage, what should one take to be prepared?

Looking to buy a condo and wanting to know what kind of paperwork a lender will ask for to figure out how much my fiancé and I are approved for. W2s? Check stubs? Phone bill? Credit card statements? What should we bring when we go?

admin answers:

You will need if any applies to you
tax returns for 2 years sometimes you need and others you don’t
w2’s for 2 years
income for last 60 days
bank statements 2 months
rental history ( some want 2 years others want 6months, some only want proof you pay x amount a month)
social security cards
if you just paid a credit card down bring in a balance statement just in case the credit reports don’t show it.
Employers name address and numbers
if going through va dd214
check book/debit card, you may need to supply money for upfront fees like the appraisal

Maria asks…

Can my mother gift me money for my mortgage closing costs with a credit card check?

I’m closing on a house at the end of February and my mother is selling her house at the same time. She wants to gift me money towards my closing costs however does not have it in liquid assets right now. She’s going to right one of those credit card checks and then just pay it off after the closing on her house.

My mortgage broker led me to believe that they are concerned with people taking loans out and gifting them since it implies I will need to pay that loan back. They want to see the last statement from my Mother’s account to see that those funds aren’t a loan. Can they really restrict my mother from basically paying for my closing costs on her credit card?
sorry about using the wrong spelling for write, that drive me crazy when other people do it. Yeesh, its too early…

admin answers:

Have your mother write a letter confirming that the money is in fact a gift and not a loan and get it notarized.

Laura asks…

Problems getting information from a previous mortgage company..?

I am in the process of getting a loan, all the paperwork has been completed and all the documents signed. All I need now is a previous mortgage statement from my old mortgage company.

Unfortunately there have been loads of problems with them.
The loan was supposed to clear last thursday but now I’ll be lucky if I get it this friday.

The mortgage company claimed to have never had an account with me untill I found the account number, then they claimed the loan company hadn’t sent them any payment so they couldnt process the information….which they had (it had been sent special delivery and had been signed for), The loan company sent them another and photocopied it for them (sent via fax).

The mortgage company then said it would normally take another 7 days for them to get the info but cos of all the probllems they would fax the info to them that day (they didnt). The mortgage company then said that the cheque was too much so they couldnt send the info……….
They were offered a company credit card and said that they couldnt take it cos the account had been closed.

All cheques were returned and a new cheque sent. They said they would fax the info through that day, They didnt.

They were closed over the weekend and when called 4 times on monday promised it would be done then, It wasnt and now today is the last day they can send it in order for the money to clear by friday.

On top of all this I have to pay a bailiff in full by friday as was supposed to pay them last friday as well as a personal loan for my partner, A car loan for my partner, A Yes Car Credit debt for my partner and Various other small debts totaling around £6,000.

What can I do to make the company send the information they have already been paid to send.

They are aware of the problems we have and are still not doing as promised.
The loan company is paying them for the information needed to set up the loan.

admin answers:

Call the financial services ombudsman explain the situation to them and they will help you from there

Linda asks…

Can my mortgage loan still be denied?

My wife and I applied for a mortgage loan through Bank of America. We did the pre-approval and now have our rate locked in. They received our W2’s, check stubs, bank statements and residence history before the pre-approval. We’ve already lined up home owners insurance, paid earnest, inspection and appraisal. The appraisal came back 5k over the requested loan amount. My wifes credit is 552 and mine is 681 and even though they’ve already checked this and told me this I’m scared we’ll ultimately be denied. I’ve been at my employer for 10 years and she for 4 with a combined income of 70k. We close on August 21st and if we don’t get this we have no other options.

***Her credit is low due to late payments during the last 2 years of her last marriage and a few medical bills sent to collections which are now paid. Mine is from a bankruptcy from 8 years ago when i was married. Credit has been perfect since.
Yes I did discuss her score with the loan officer. I don’t see why I’d even get pre-approved if there was a major issue with her score. The house we’re trying to get is 2x our income so its not an outrageous amount and our debt to income is only 26%. We’ve already sent in our LOE’s also. I just don’t get it, if there’s a minimum credit score they’ll accept, why even pre-approve. She told me up front that if I just used my information we’d get a better rate because her credit was bad and if we used both our rate would go up. But we still were pre-approved. I’m lost here
Thank you for all the responses and future responses I may get. I’ll keep hope alive but it doesn’t look promising. I really should have checked into her credit before we started this process. But really, BOA shouldn’t have pre-approved me if her score is that low. I really felt like I was on top of everything until now. Thanks again
One more thing. She has never had a credit card. She had two car loans in a joint account (as is stated on credit report) and both payed off although with late payments. Also a few medical bills in collections which have been paid. I didn’t know if not having credit cards would help. I assume people bad with credit would be in deep credit card debt. I thought maybe there could be an exception to the rule. I’m learning not.

admin answers:

Her score is way too low, You have to have a min. Of 620. I dont know of any banks or mortgage companies that will accept a credit score of 552. I have seen mortgages pre approved, then be denied once they get to the underwriter and I have even seen them been denied at the clsoing table due to the fact that they pulled credit reports at the last minute and re-checked them. Good Luck

Ken asks…

will a mortgage underwriter pull your credit and rental history?

I am in the process of purchasing a new home and the loan processor just sent the file to the underwriter my est close date is June 4th, the underwriter has all docs like check stub, W-2’s, bank statements and recent credit scores pulled on May 19th, what is the possibility they will request credit report and bank statements again since it has been less then 30 days?
will a underwriter verifiy my previous rental history?

admin answers:

If they have already pulled your credit there should be no reason for them to pull it again. I am a loan officer.

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