Approval Tips
Getting a mortgage approval these days is a little different
than it was in yesteryear. It used to be that lenders mailed
out verifications to employers, banks, mortgage companies, and
so on, in order to verify the data supplied by borrowers. These
days the process moves much faster.
No documentation or low documentation loans have become more
widely used. This means that underwriting answers can be obtained
with information supplied directly from the borrower instead
of waiting around for verifications to come back in the mail.
Verifications are still mailed out, but usually as part of quality
control procedures.
With less documentation for your mortgage loan you can also
expect that your rate quotes will be a bit higher. You have
to pay for the priviledge of being able to state your income
rather than prove it.
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