Verifying Your Down Payment,
A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower.
Down Payment & Closing Costs
Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.
Take extra care to document the sources for any monies to be used for the down payment or closing costs.
Collect information about your personal assets that add to your net worth and help to prove your credit worthiness.
Income and Employment
The lender will want to confirm your current gross income and have evidence of stable employment. Documentation requirements vary depending upon a number of factors - including the source of income (hourly, salary, salary + bonuses, salary + commission, commission, self-employed, etc.).
Your lender will want to review a list of all your current debts. This along with your credit report will provide the lender with a snapshot of your obligations. The lender will want to confirm that you will not be overextended when the mortgage payment is added to your current debt load.
- Home ▶
- For Buyers ▶
- Why an inspection? ▶
- Selling Your Home ▶
- News ▶
- Closing costs - loans ▶
- Bi-Weekly Mortgage
- Links and Resources ▶
- Lease Analysis
- Mortgage Saving Tips
- Role of the MLS
- Foreclosure Listings
- Adobe Support
- Search For Homes
- Download Adobe Acrobat
We look forward to giving you the professional personalized service you deserve.
Shamrock Real Estate 1608 Anaconda Dr. Anaconda, MT 59711
Phone: Cell: Fax: E-mail: dgCSltCIkq4yMPaGV996MrtW5NrcHo1Kzo+mOoek+mU=
Why an inspection? | Contact Us | Curb Appeal List | Closing costs - loans | Closing costs - Ins. | Your FICO score | How Escrow Works | Our Agents | Anaconda School System | Butte Schools | Old Works Golf Course | My Montana | Fairmont Hot Springs | Anaconda Chamber of Commerce | Links and Resources | Adobe Support | Closing Costs | First Time Buyers | Home Buyer Checklist | For Buyers | News | Real Estate Glossary | Selling Your Home | Search REALTOR.com® | Home | Applying for a Loan | Bi-Weekly Mortgage | Writing the Offer | Staging Your House | 9 Steps to Owning | 9 Steps to Ownership | Winterize your Home | Be Accessible! | Buying Foreclosures/REO's | Contingencies in Contracts | The Back Yard | Should you paint? | The Kitchen | Selling One, Buying Another