Prospective homebuyers, especially first-time homebuyers, may feel overwhelmed by all the documents that need to be gathered for a lender. If you are going to purchase a home with a mortgage or refinance your current mortgage, you will be required to sign disclosures and fill out an application to begin the process. Mortgage Investors Group will work with you to make the process as pain-free as possible.
The applicant is required to produce various documents for us. Information, such as credit history, employment information, and recent bank statements, needs to be collected. With these documents, we will be able to properly assess how much you can afford to borrow.
If you are prequalified for a loan, a mortgage underwriter will then review the details of your home loan application for final inspection. The underwriter’s job is to carefully review all your documents against the criteria of the loan. The underwriter needs to make sure that the borrower can comfortably afford to pay back the loan. Different lenders have different guidelines, based on the type of loan being given, for their underwriters to follow.
Although guidelines differ from lender to lender, all lenders are required to review a prospective borrower’s income and financial information. Following is a list of documents lenders typically require when qualifying borrowers for a loan:
For additional information on documents required for a loan, contact one of Mortgage Investors Group’s expert staff members.
Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.
MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020