Questions to Expect from Your Lender
Lender Questions, You can Expect:
Lenders always have questions in order to facilitate your loan towards the goal of a loan approval. Your mortgage lending professional at LendPlus Financial will ask you the following questions which will be helpful for everyone in the process of approving and closing your transaction. These questions come out of the need by the underwriters to evaluate your situation and follow the guidelines provided by Freddie Mac, Fannie Mae, FHA, VA and other lenders who offer loan programs. The information you provide is held in strict confidence by LendPlus Financial for the sole purposes of getting you evaluated for an approval for a loan.
Here are the questions:
1. Please provide proof of income whether you are self employed or a W2 employee.
2. What are your Assets. Detail the assets you have accumulated over time and provide proof that they exist.
3. What are your outstanding debts? The underwriter will want to know your debts to determine your qualifying ratios.
4. What are your 3 different credit scores? We will help you obtain your credit scores once you start the loan approval process.
5. What amount of money are you planning to put down towards your home purchase?
6. How will you use this property? Will it be an investment or a single family primary residence?
7. What is your ethnic background. This question is not discriminatory. The Home Mortgage Disclosure Act requires that lenders are scrutinized for patterns of discrimination. You are not required to answer this question, but the lender then has to make a guess about your ethnicity and complete the form anyway because of this federal law.