Add questionaire in the Mortgage Financing Agreement effortlessly

Aug 6th, 2022
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How to Add questionaire in the Mortgage Financing Agreement

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[Music] hey guys uh good afternoon angelo christian financial thank you so much for watching our podcast real estate insider i got a fun one for you today things that you should not tell your mortgage lender when youre getting a home loan and youre saying and youre going to wonder hey why is angelo saying theres things you should actually hide from your mortgage lender no im saying you know when youre getting a home loan you want to be very transparent you want to be honest you dont want to hide anything or be deceitful but obviously when youre buying real estate its a major transaction uh how many guys out there ever tried to buy a home before and youre really taken back or aside by all the questions that your loan officer is asking you know there are some things when youre getting a home loan that you dont want to disclose you dont want to discuss or actually do because you can actually jeopardize the transaction or affect yourself from getting approved for the home loan

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Applicants are likely expecting questions about job history, income, assets, debts, and credit history, as these types of inquiries are common. But mortgage lenders are also legally allowed to ask about an applicants ethnicity, marital or divorce status, and whether the applicant is part of a lawsuit.
The more proof the lender has for the buyers reliability and good financial standing, the more protection they have. Thats where all that intrusive questioning and document-digging comes into play. While the QM is designed to protect the lender, it will also protect you, the borrower.
Mortgage survey questions are survey questions asked by financial institutions or government organizations to collect opinions on topics such as mortgage process, their knowledge about getting a mortgage, their experience with the lending institution and their satisfaction on the services that were offered to them.
Because of the Equal Credit Opportunity Act (ECOA), lenders are prohibited from discriminating against you because of your age, marital status, national origin, race, religion, sex, sexual orientation, and if you receieve income from public assistance programs.
Common Reasons a Mortgage Loan is Denied Bad credit. ing to Experian, the average FICO score in the U.S. was 714 in 2021. Low appraisal. Limited down payment and closing funds. High debt-to-income (DTI) No credit.
Certain risky loan features are not permitted, such as: An interest-only period, when you pay only the interest without paying down the principal, which is the amount of money you borrowed. Negative amortization, which can allow your loan principal to increase over time, even though youre making payments.
Here are the five things you should never do when making your application: #1: Do not forget to check your credit score. #2: Do not lie about your income and expenses. #3: Do not forget to look for options. #4: Do not forget to read the terms and conditions. #5: Do not submit several loan applications at the same time.
Timing Requirements The 3/7/3 Rule The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.

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