No Earnings Corroboration home loan.

In this hot seller's market, a pre-approval letter from your mortgage bank will help you secure a winning bid on the home of your dreams. A pre-approval involves far more than filling out a test. It is largely going thru the complete mortgage application process and having the lender give you an actual figure of what quantity of money they're prepared to loan you and at what rate of interest. Having the letter is like having the cash in the bank. This shifts your focus from financing to getting the best property agent and finding the best home that you are able to afford. This basic prequalification of course is subject to running a full credit check, full disclosure of your assets, and no extreme changes in your money situation. Home insurance online quote.

If you are uncertain, call the bank using their buyer service number and ask them what occurs after all of the info is submitted. Learn if there are any charges involved for pulling your 3 bureau credit reports, and for the underwriting.

A no revenue corroboration home loan is a 2nd mortgage that doesn't need you to provide revenue paperwork to be accepted for the loan. Not all banks have this need though - some banks supply a program called NINA which stands for "no revenue no assets" meaning you don't have to document either.

Otherwise, it will count as a debt and could raise your debt to earnings ratio and have the reverse effect ; showing that you do not have any money and disqualify you from a much bigger loan. Focus on the expiry date on the letter. If you are in a market like Southern California where competition is especially fierce, ensure you have the most flexible expiry date that your bank will permit. Whether it's thirty days or sixty days, get it stated in writing.