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How To Apply For A Home Loan And The Mortgage Application Process
(page 6 of 8)
In some cases, if your mortgage down payment is to be less than five percent it
will be a requirement that the gift be from a relative and you will need
to also verify your relationship to that relative, and the exact amount
of the gift and that there is no requirement on your part to repay the
gift.
Similar to showing all assets, you will be required to provide all pertinent
information in regard to your current debt service and financial liabilities.
Below is a list of requirements in regard to complete debt disclosure
on you part, your spouse and any cosigners.
Personal Liabilities
You will need to account in full for all of the following debts:
- All loans (credit union, mortgages, home equity, student, automobile).
- All current monthly expenses and bills and balances for same.
- Credit and charge cards.
- All retail accounts such as catalog shopping and store accounts.
Be prepared to supply the names of the creditors, the account numbers
if any, the amounts of any of these debts, the balances remaining and
your payment history for each.
Like all other information that you will need to supply to the potential
mortgage lender this information must be timely, complete and factual and verifiable.
To not do so will hinder or prevent your mortgage loan application from being processed
and may cast doubt on other information and documentation that you are
required to provide.
Include in writing any and all information about any possible discrepancies,
gaps or late payments relative to your debts. People who have had a good
or outstanding credit history and who have suffered temporary setbacks
can help to offset these matters by being up front and forthright with
the lender. Further, if you have been foreclosed on or claimed bankruptcy
in the past seven years, be certain to provide all the information and
documentation relative to those instances
If you are divorced and paying child support or alimony have all of
this documentation and verification also available for your application.
These are debts that will also influence your mortgage application.
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