Every lender looks at a variety of factors when considering your loan application. While each lender has different underwriting requirements, every lender considers three factors. In the mortgage industry, they are known as the ‘three C’s.’ Looking for Current Mortgage Interest Rates? Click Here. The ‘three C’s’ are credit, capacity, and collateral. We look at […]
When do Mortgage Underwriters Require Letters of Explanation?
You might feel panicked when an underwriter asks you for a Letter of Explanation. You might wonder why they need it? What if you write it wrong? Will you lose your loan? Get Matched with a Lender, Click Here. First, know that it’s common to have to write a letter for one reason or another. […]