You just received an email from your Loan Officer asking for a Letter of Explanation. Many borrowers have no idea what should be contained in that letter or even more importantly, why it is required.
mortgage letter of explanation template that will completely match your demands. These mortgage letter of explanation template give superb instances of how you can structure such a letter, and consist of example material to function as a guide to design.
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This letter will not help a desperate credit situation, but may make a difference in a marginal one. Explaining a couple late payments could mean the difference between a good interest rate and a fair one. The basic premise of this explanation letter is to address: The situation you were in which caused you to pay late was beyond your control.
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You’re working on your mortgage application to secure a loan for your dream home. Then your loan officer tells you to write a letter of explanation about a few missed credit card payments from several years ago and your brief period of unemployment when your company downsized.
Review the underwriter’s request for a letter of explanation. Your mortgage loan officer or a loan processor who prepares your application for underwriting, can provide you with a copy of that request. It’s usually one of several underwriting conditions you must meet to gain full loan approval.
A cash-out refinance gives you a new mortgage for more than you still owe on your home – making it possible to use the extra funds elsewhere.. How to Write a Letter Regarding Why You Need a Cash Out Refinance.. This "letter of explanation" must include copies of any medical bills.
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