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Mortgage Approvals : Documents You’ll Need For Your Lender Mortgage Approvals : Documents You’ll Need For Your LenderComments Off on Mortgage Approvals : Documents You’ll Need For Your Lender

According to the Federal Reserve’s quarterly Senior Loan Officer Survey, it’s getting easier to get approved for a home loan.

Between July – September 2012, fewer than 6% of banks tightened mortgage guidelines — the fourth straight quarter that’s happened– and roughly 10% of banks actually loosened them.

For today’s buyers and refinancing homeowners in Arlington, VA , softening guidelines hint at a quicker, simpler mortgage approval process; one which gives more U.S. homeowners better access to today’s ultra-low mortgage rates.

However, although banks are easing guidelines, it doesn’t mean that we’re returned to the days of no-verification home loans. Today’s mortgage applicants should still expect to provide lenders with documentation to support a proper loan approval.

Some of the more commonly requested documents include :

  • Tax returns, W-2s, and pay stubs : In order to prove income, lenders will want to see up to two years of income documentation. Self-employed applicants may be asked for additional business information. Borrowers earning income via Social Security, Disability Income, Pension or other means should expect to provide documentation.
  • Bank and asset statements : To verify “reserves”, banks will often require up to 60 days of printed bank statements, or the most recently quarterly reports. Be prepared to explain deposits which are not payroll-related — banks adhere to federal anti-money laundering laws.
  • Personal identification documents : To verify your identity, banks often require photocopies of both sides of your drivers license and/or U.S. passport, and may also ask for copies of your social security card.

In addition, if your credit report lists collection items, judgments, or federal tax liens, be prepared to discuss these items with your lender. Sometimes, a derogatory credit event can be eliminated or ignored during underwriting. Other times, it cannot.

The more information that you share with your lender, the smoother your mortgage approval process can be.

As the housing market improves and lender confidence increases, mortgage guidelines are expected to loosen more. 2013 may open lending to even more mortgage applicants.

Is FreeCreditReport a Scam? Is FreeCreditReport a Scam?(1)

Is FreeCreditReport a scam?

 

Many people who have tried it would say it is, or at minimum, very misleading.  Nearly all of these companies including FreeCreditReport .com were investigated by the FTC a few years back and fined for their practices. that alone should be enough to scare you away from using FreeCreditReport .com (scam) but if that is not enough here is some more food for thought:

FreeCreditReport .com – Is Free really Free?

When in your life has the word free really meant free? buy 2 get one free! – but first you have to shell out the money for the first 2. Free does not exist from a “for profit” company, especially from FreeCreditReport .com which many believe to be a scam.

Many websites like FreeCreditReport .com are considered to be a misleading scam because they are owned by the credit reporting agencies themselves – Experian, TransUnion, or Equifax – all of these are “for profit” companies, out to make a buck from you. You will not get your credit score, and it will probably be just a synopsis of your full credit report. in addition, companies like FreeCreditReport .com are believed to be a scam because they will not tell you that by law they are required to provide you with a full credit report, totally free, once a year.

Although there are literally thousands of websites out there like FreeCreditReport, they all operate on the same premise. You enter all of your personal information – and I mean all of it because it will not let you continue without all the fields being filled out. Then they tell you will get much better information if you sign up for a membership for the small fee of $1.00 – followed by a monthly charge of $15.00. There is an opt out that the FTC made companies like FreeCreditReport .com scammers add, but good luck trying to find it. what happens to all the information that you just gave FreeCreditReport .com? Even if you did not finish the transaction, the credit reporting agencies keep it and update your information on your credit report with it.

As a consumer you absolutely need to know that AnnualCreditReport.com truly is the only place to get a “FREE” report because it is mandated by the FTC.  FreeCreditReport .com is bogus.

 

For more information about FreeCreditReport .com and expert credit repair consulting from Jordan Tobin, Click Here.

You can request your free report online, by phone or by mail. Visit AnnualCreditReport.com, call 1-877-322-8228, or fill out the Annual Credit Report Request form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. No matter how you request your report, you have the option to request all three reports at once or to order one report at a time. by requesting the reports separately, you can monitor your credit more frequently throughout the year. There is really no benefit to you, the consumer, of having a report monthly – and it will cost you $180.00 for the first year, which is the minimum length of “membership” for the competing “scammer” sites out there.

For more information on how credit can impact your ability to get a home loan, check out mortgage expert, Joe Karns, or for a free refinance quote check out www.HotRateQuote.com.

At the end of the day, it is up to you to decide whether websites such as freecreditreport is a scam or not, but many angry consumers are saying that it is.

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