Why Choose Jim Moore for your Real Estate Services.? As a buyer or seller in today's complex real estate market, you need a professional who will provide you with up-to-date knowledge, a variety of real estate services, and ethical real estate practices. You need to rely on a leader in real estate brokerage--a professional who holds the esteemed Accredited Land Consultant (ALC) designation, the Certified Residential Specialist (CRS), and the Graduate, REALTOR'S Institute (GRI) designations. Jim is one of only 22 Accredited Land Consultants (ALC) in Virginia. When you work with Jim, you will gain peace of mind knowing that one of the largest investments you may ever make is in skilled and experienced hands.
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Financing Your Home >Mortgage Fears
It is not unusual for home buyers to feel that the lender is being very critical during the loan approval process. The buyer is required to provide all kinds of financial information, and then the lender asks for more. If this is your experience, and the process seems discouraging, remember that none of this is personal!
Some lenders have more stringent requirements than others, but every lender requires a substantial amount of documentation on a mortgage loan. They must verify employment, credit history, and recent financial transactions involving your liquid assets. If your Visa payment was late, they may ask for a letter explaining why. If you are self-employed, they will ask for tax returns from at least three years and probably a year-to-date profit and loss statement.
Government regulations require mortgage companies to document everything. And while the loan officer may know that you are a reliable risk, the underwriters must be able to defend the loan to a federal bank examiner or auditor.
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What does the term ARM stand for?
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An ARM is an Adjustable Rate Mortgage, a loan where the interest rate is tied to an economic index that fluctuates with the market. |
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