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Jacques Poujade is a financial industry executive, with more than three decades of experience. During his career, he has worked in prominent roles in Canada, the UK, and the US. Therefore, he has the practical knowledge to help budget conscious entrepreneurs, from a range of backgrounds, obtain real estate financing to buy their ideal home. These days, he leverages that expertise at the non-bank mortgage provider, LendPlus. Here he shares five questions he commonly gets asked and that you, too, should ask your mortgage broker when buying a home.
1.
What Documents do you Need to Process my Loan?
You should ask this question upfront, so
you will have plenty of time to get your documents together. Proof of Income
enables lenders to check that your earnings are sufficient to cover mortgage
payments and living costs (i.e. utility bills and furnishing costs). Lenders
will gauge your risk profile by researching your credit history too.
Frequently, lenders ask for documents like
bank statements to ensure that mortgage applicants have the funds to cover
several monthly mortgage payments. This is just in case anything unexpected
occurs – like having an accident that prevents you from working, or
unexpectedly losing your job. Lenders may wish to see your tax return as well
to check that the information you gave to the IRS corresponds with the income
report you submitted to them.
2.
Am I Eligible for an FHA Loan?
FHA loans are specialized loans provided by
the FHA (Federal Housing Administration), which enable people with zero credit
or bad credit to acquire mortgages. Usually, these loans are given to first
time house buyers. The FHA permits these buyers to buy a house for a mere 3.5
percent down payment, in some cases. This makes home ownershi… Read More
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