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For your information we have posted below a list of questions that we have to ask in order to give you the most informed and accurate rate quote possible. In addition you will find the links to our competitor’s legal assumptions pages. These assumptions give our competitors the ability to quote rates without asking for more information on the loan. Unfortunately, few people fund on the rate originally quoted by our competitors based on their assumptions.
Beware of rate quoters who fail to ask these questions, and thank you for the opportunity to quote you a rate that matches your qualifications!
Questions
- What is your FICO score?
- Who is the primary wage earner?
- Actual Loan Amount (Different Thresholds)
- Is this a Purchase vs. Refinance?
- Cash Out vs. Rate and Term
- What is the Property Type?
- Single Family—PUD—Condo—Multiple Units—Land
- Are you a 1st Time Homebuyer?
- Do you have a Clean and Verifiable Rent/Mortgage History?
- Will this transaction have a 1st mortgage only, or a 1st and 2nd mortgage combo loan?
- Loan to Value—Combined Loan to Value (if 2 loans)
- What will the Income Documentation Type be?
- 2 Year Employment History in the Same Line of Work:
- Verified Income (2 months pay stubs, W2s, 2 years taxes)
- Stated Income—Must be able to prove employment history
- No Ratio—No Income, must verify employment history
- No Doc—No Verification of Employment or Income
- What will the Asset Verification Type be?
- Verified Assets—
- Must be able to prove reserves (Usually 6 months of mortgage payments, PITI, in the bank)
- Must have funds for any closing costs and down payment.
- Must be seasoned for 2 months with no unusual unexplainable large deposits
- Stated Assets—must meet above requirements but will not be verified.
Forms
Competitors Legal Assumptions
*To earn commission, you must be an active Broker under Department of Real
Estate DRE, or we’ll pay your Broker. Broker must complete a Broker Approval
Package and be approved prior to the disbursement of funds.
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