Documentation needed to cosign a mortgage application
mtvhike
2 years ago
last modified: 2 years ago
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kempek01
2 years agomtvhike
2 years agoRelated Discussions
Co-signing a lease for DS?
Comments (15)We were able to avoid that situation most of the time. In one instance the landlord wanted all 3 sets of parents to co-sign the lease. We called the other parents and told them of our reluctance to sign and our reasons. They had no clue that they could be financially responsible. We jointly decided to talk with the landlord and offered a 2 month security deposit and both the first and last months rent. That was a big chunk of money up front but it was worth it to forgo being on the lease. He accepted that and they lived happily ever after............ And we even got 95% of our security deposit returned when the boys went their separate ways. All 3 of my kids have shared apartments with friends or classmates and all kinds of unexpected things happened. One of my son's room mates moved out without telling anyone and didn't leave a forwarding address and didn't answer his phone. Even though he was on the lease and owed 1/3 of the rent the 2 remaining room mates had to pay the full amount. The landlord wasn't going to go after the missing kid when he still had 2 in the apartment. Luckily there were only 2 months left on the lease so my son and his remaining room mate split the security deposit. Just make sure all the kids have the maximum renter's insurance. This post was edited by maire_cate on Fri, Jun 14, 13 at 12:40...See MoreMortgage Broker WOES...we are going to lose our dreamhouse!
Comments (18)Loan players are as follows: Broker: A person that has access to a network of lenders...some private, some banks, some have actual money themselves. They are the "sales people" in the equation usually. Loan officer: Usually the term for a broker-type, but they work directly at a given lender. Sometimes is used interchangeably with broker. Processor: The person that works with the broker/LO and the client to get all the necessary paperwork together. Essentially gets everything "packaged" into a folder to present to.... Underwriting: Underwriters are the final go-ahead people on the broker/LO end. They make sure the loan meets all the requirements set forth by the given investor. I.e. if the broker has you plugged into Acme corps "whiz-bang no money down option loan" then the Underwriter makes sure that all the requirements are actually met. If they don't, they return it to the processor to get missing information. If it's a case of you not meeting the requirements at all, then they kick it out permanently. This is called "falling out in underwriting." Even if you fall out then, a broker will try to find other programs that you might qualify for. Generally, the more lenient (the fewer requirements for you to meet), the greater the risk to the lender, so the higher the fees and interest rate. I have a handful of our closest friends that work in each of these positions and I can tell you that the lines and job descriptions are far from standard. At some places, the processor is just a clerk. At others, processors basically do the processor and underwriter job. Also, even though an underwriter may underwrite a loan (say "this candidate is good to go for that program) the loan can still fall out with the investor's side for a number of reasons. Obviously if you're dealing with a direct lender, when it meets underwriting, then it's done because they actually lend you the money. aiki...See MoreMortgage facts you should know
Comments (4)Well I feel a little odd being the only follow up to my own post but I spotted this article on Yahoo Finance today. Although not in exactly the same vain as my post, it adds credibility to my overall warning that the mortgage business and the mortgage itself as we know it are both about to change drastically. If you don't believe me, maybe you will believe Yahoo. Scott Here is a link that might be useful: Bye bye 30 year fixed rate mortgage...See MoreWhen exactly do you apply to lenders for mortgage quotes?
Comments (17)^As the buyer, you get to choose your lender and the seller has no say. Having said that, if the lender has a bad reputation in the area, the seller is not obligated to accept your offer. Naturally, since you can pay cash, you can overcome this aspect. A pre-qualification without documentation to the lender is worthless. By documentation I mean whatever the lender needs to issue your loan (bank statements, W-2's, tax returns etc). Once you have provided all the documentation it really is a pre-approval. [If the buyer is risky they are better off going through the underwriting process right up front before looking for homes that way it is only subject to the property and appraisal.] Naturally you aren't in that boat at all worthy. The lender is obligated to provide to you a Loan Estimate that details the fees within 3 days of your loan application. This is typically done after you have a contract but right in the beginning of your loan processing. Ask the lender for a detailed loan worksheet prior to your offer so you can see the itemized expenses. Here is the loan estimate form and its constraints https://www.consumerfinance.gov/owning-a-home/loan-estimate/ Check various lenders. I have found the big box banks to be the worst now for originating mortgages except if you are getting a jumbo loan. The best sources are non-bank mortgage lenders - all they do is mortgage origination and funding all day long. IME they have the lowest rates and fees and perform quickly (30 day closing is normal, can close more quickly)....See Moregraywings123
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