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Unformatted text preview: rower or co–borrower has rented, the lender will need the name and address of the landlord or rental agent to verify the residency and payment record of the borrower or co–borrower. If the borrower or co–borrower has owned or was purchasing a home and was making mortgage payments, he or she will have to supply the name and address of the mortgage lender as well as his or her account number for the lender to verify the mortgage and payment record of the borrower and/or co–borrower. The borrower and/or the co–borrower will also need to furnish the names and addresses of employers for the past 2 years. These addresses should be accurate, for the lender will wish to verify the employment. If the address is incorrect, it can slow the processing of the application.
Dynasty School (www.dynastySchool.com) 14-5 REAL ESTATE FINANCE
The next section of the application is divided into three sections: Gross Monthly Income, Monthly Housing Expenses, and Details of the Purchase. This section is self– explanatory and the information required is not difficult to furnish. In the next section of the application, the borrower or co–borrower describes other income, if any. Once again, sufficient information must be supplied to allow the lender to verify the income. In the section entitled “If Employed in the Current Position For Less Than Two Years,” the borrower and co–borrower are given additional room to establish a 2–year work record; the information must be sufficient to allow the lender to verify the employment. The final section of the first page is composed of several questions. If any question is answered “yes” by either the borrower or co–borrower, the answer must be explained in depth. The second page of the application is devoted primarily to the financial and credit history of the borrower and co–borrower. The first section is divided into two parts, the first being the assets and the second being the liabilities of the borrower or co– borrower. T...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10