Tag: income

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DISCLOSURE

Tell us everything before you do anything, tell us your story, then we can get the best loan for you. Over the years, we have told our clients to tell us everything about their scenario. We want to see their income, credit report, assets, bank accounts, investment accounts, retirement accounts, and real estate owned. We...

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DODD-FRANK ACT

The Dodd-Frank Act includes a provision that a borrower must show an ability-to-repay a mortgage to qualify. It seems silly that a law had to be passed with this provision in it as you would think someone would not make a loan unless they knew it was going to be paid back. Nevertheless, this law...

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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...