Tag: <span>Documents</span>

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COUNSEL MORTGAGE HAS PRODUCTS FOR BUILDERS

We have  products for builders who are building spec homes for profit. The minimum loan amount is $150,000 with a maximum loan amount of $3 million. For us to review your scenario we need the detailed budget, construction schedule/development phases, and architect drawings. The lender considers the following in the credit decision: ● Borrower characteristics/Total...

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CLOSING DISCLOSURE QUESTIONS, CONTACT US, WE CAN HELP

The Closing Disclosure (“CD”) is the latest version of the costs and prepaid expenses on the loan. The CD also contains the loan amount, interest rate, monthly payment, and amount due at closing. The numbers on the CD are intended to be the final figures for closing. The CD must be acknowledged (typically by email)...

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NO MATTER NEAR, OR FAR

Signing the loan documents at closing does not necessitate you being available in person. Maybe you had prior engagements that cannot be cancelled, or you’ll be out of town, you can designate someone to sign on your behalf. A power of attorney is a document that allows you to appoint someone to sign the paperwork...

HAVE YOU PRE-QUALIFIED FOR A LOAN?
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HAVE YOU PRE-QUALIFIED FOR A LOAN?

    In order to put an offer on a home, you will likely have to present a letter stating you are pre-qualified for the loan. What do you need to do to get pre-qualified? The first step is to complete a loan application; the application will give the loan originator the information they need...

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“LE” LOAN ESTIMATE

The Loan Estimate (“LE”) is the document provided to you by the lender within 3 days of the application date. The application date is the date the lender is provided the following: • Property address • Property value • Name of borrower • Social security number to pull credit • Income • Loan amount Once...

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UNDERWRITING: WHAT DOES THIS MEAN?

What is underwriting? Underwriting is the process of reviewing the loan package to determine whether it meets the established criteria to approve the loan. An underwriter reviews the loan package, including, the loan application, tax returns, paystubs, bank statements, retirement account statements, contract (if a purchase) and appraisal to determine whether the documents will meet...