Satisfying Mortgage Conditions For Final Loan Approval.

Conditions... in the context of mortgage approval, sometimes the word sounds a little intimidating.
But, it really shouldn't be. Most often, the conditions which a lender places on a loan for final
approval are very standard and routine.

If you're a borrower who has received a preapproval letter from MortgageMatch, you may
recall this sentence from that letter, "Final approval is dependent on the following standard and
routine stipulations: Satisfactory Title Report and Appraisal... Fully-Executed Sales Contract."

These are standard and routine, because no borrower anywhere obtains a loan from any lender
anywhere without their deal fulfilling these requirements. These are simply "must haves" for any
mortgage loan to close and be funded.

There are several other "types" of conditions which almost always accompany the process of obtaining
final approval. Typically, these conditions come in the form of providing verification of certain information;
which is, from the lender's point-of-view, considered very important. If you're a renter buying a home,
most lenders will want to know how you've payed your rent, because ordinarily this is not information
that's reported by the credit bueaus.

Now, if you're a renter paying rent to a professional management or real estate company, your loan
consultant will merely ask this company to complete and sign a simple VOR (Verification Of Rent) form.
However, if you're renting from a private landlord, this is something your Loan Consultant will need to
know. Because, some lenders will not accept VORs from private landlords. Consequently, your Loan
Consultant will need to locate a lender who will accept a private VOR. Or, if you're getting your best deal
from a lender who won't accept a private VOR, the alternative would be to produce cancelled checks, or
bank or checking account statements which show your rent being payed monthly.

Some lenders may require that your closing funds, down payment (if any) and, in some cases, reserves,
to be verified. In this instance, your Loan Consultant will need to have your financial institution verify the
amount of money in your checking and/or savings accounts at a given time.

Information regarding your employment, such as where you're employed and how long you've been
employed, are issues for most borrowers with most lenders. The two-year time period previous to the
time of your application is what's most important here. If you've had three jobs with three different
companies in the last two years, your Loan Consultant will need to contact and obtain verfication from
each of those employers about your employment.

Not all borrowers will be subject to the same types of verifications. What information is verified varies
from borrower to borrower for a number of reasons. Each lender has its guidelines for this, but beyond
that, it could be the borrower's credit profile that's a factor, or it could be the type of loan the borrower is
obtaining... there are just a couple of issues which enter into what is verified.

What should be mentioned here is how your Loan Consultant fits into the verification process and
satisfying conditions. With Loan Consultants doing the bulk of this work, it's important to understand
that at MortgageMatch, your Loan Consultant works for you, and not the lender. It's the Loan
Consultant's job to "punch" your loan through the process to get you the best possible loan.
Meanwhile, the lender is trying to assess the risk in making this loan available to you. So, at times
your loan consultant may assume almost an adversarial role towards the lender in an effort to
convince the lender it's a good loan to make... if this issue is at all questionable.

All of this work regarding satisfying issues comes under scrutiny when the loan is reviewed by the
lender's underwriting department. The Underwriting Process is what will be addressed in the next step.