Mortgage loan HELP/advice!!!!?

I need advice or your thoughts. My wife and I are going through the underwriting process for our mortgage right now. When the agent was getting the paperwork ready she wanted to us to have companies fax over 1 year of documented paperwork, and suggested Electricity bills and American family insurance bills. so that's done, we are still waiting to hear, but upon googling the underwriting process, I read that the person doing the underwriting may come back and first give us a ';conditions to close'; meaning


requirements for further documentation to support your file. Then if that looks good then we would get a ';CLEAR to Close';. During the Conditions to close I am afraid of them asking for my bank statement, because I've had few overdrafts in the past two months. is this something I should be worried about?????? This whole home hunting/paperwork filling process has been so stressfull. Any thought would be greatly appreciated.





ThanksMortgage loan HELP/advice!!!!?
First of all....underwriters dont look for overdrafts...





they look for continual deposits that are consistent with your income. they are also looking for large deposits made in the last 2months.





if you dont want to present your bank statements then have the lender do a VERIFICATION OF DEPOSIT. VOD





they call the bank...and basically ask for average balance, large deposits made in the last 2months.Mortgage loan HELP/advice!!!!?
First of all, I would like to start off by saying that the MMA works with all types of mortgages. Whether you have an interest only, fully amortized, negative amortized or an ARM, they all have the possibility of getting paid off. But if an individual is able to pay a fully amortized 30-year mortgage payment, yet decides to get an interest-only mortgage, as long as the savings from the difference between the fully amortized payment and interest-only payment is left in the HELOC, the interest-only mortgage will usually pay off quicker, resulting in greater savings. However, these savings are not generally great enough to merit a refinance because of the closing costs involved, which offsets the savings. But if an individual is in the process of refinancing anyways, or are in the process of moving, they may want to consider getting an interest-only loan. Remember, this is true only if the client has enough money for a fully amortized loan, but decides to leave the difference in the HELOC, bringing the balance down faster, resulting in a transfer more often, resulting in lower monthly payments on the 1st mortgage, thus freeing up more money to pay down the HELOC faster, resulting in a transfer more often.


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Good luck!
Don't be stressed. Right now, banking institutes are bending over backwards to get new mortgages. If you feel you are going through too much for this, tell your agent to just forget it and you'll look for another bank. Chances are, they will start pushing your paperwork through.


They need you more than you need them.
Cross that bridge when you get to it. It serves no purpose to worry about something that is not an issue now, nor is something you have no control over. I completely understand that this final part of the purchase process is the most stressful, but you have to stay grounded and focused on the what is before you today. If the underwriter asked to be faxed these other document you most likely have already reached the conditional phase (and the conditions were based in the extra docs requested). Congrats on the new house!
Check out http://www.mortgagefigure.com there is lots of information on mortgages, refinancing, consolidation, bad credit mortgages, etc and may be able to help you.
I have pleasant experiences with obtaining loans.





When I got my first loan, i didn't need to provide utilities bills or family insurance bills. I only need to provide proof on everything I listed on the application and they were 3 recent months of bank statements for both checking and savings accounts, one vanguard mutual fund account, one stock brokerage account and a 401K account, 3 years of W2s, all credit card accounts numbers, estimated car value because it's paid off. I waited for 3 weeks and I got the loan but I waited until toward the end of the month to have the loan funded and closed the escrow to save on interest. The whole process from beginning to end was about 5 weeks.





Later I refinanced it to a lower rate, I provided the above again along with proof of homeowner insurance paid, property tax bill paid, I got approved and funded in 10 days.
I was asked to provide an official statement, which means it is signed and stamped by a bank official to authenticate. Usually, if you have some overdrafts, they will ask you to explain each instance. Be sure and think of good reasons why you might have been late and be prepared. I have never seen a closing with out that requirment.