
Buyers Want Your Home for as Little as Possible. Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision. Find Out More > View All Offers >
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"We are thankful that we had the best!" "In our opinion, there is not a more knowledgeabe and professional team in the business." Don & Carol Anderson Read Quote > View All Quotes >
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Bill and Debbie Nelson, CRS and GRI are some of The Top Selling Real Estate Experts Find Out More > |
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602-300-2777 or 602-686-6989 THE BILL AND DEBBIE NELSON TEAM |
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We look forward to helping you buy or sell your Arizona home! In Gold Canyon, Apache Junction, Gilbert, Chandler or Mesa we are committed to your success! Positioned to stay ahead of the game, we are dedicated to your personal needs and will work hard to make your dreams a reality. We can show you any home - from foreclosures to mini-mansions. Give us a call! The Bill & Debbie Nelson Team Bill and Debbie Nelson, CRS,REALTORS Marsha Dorris,GRI, REALTOR Weichert Realtors - Lake Realty |
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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| Q |
Who is "Freddie Mac", and why is he a big name in real estate?
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| A |
"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans. |
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