A Mortgage Loan Worksheet is a simple piece of paper that will serve as your guide when negotiating the terms of your mortgage loan. It should be easy to understand and print out for future reference. If it’s anything like what you’ve seen in a TV commercial, you can probably get by without one, but many homeowners who are looking to refinance or have gone through a foreclosure process don’t.
Lenders want to know all about your budget and how much of a house you can afford before you close on the mortgage loans. A Mortgage Loan Worksheet is a compilation of information that is vital to the process. This info may include your credit score, debt to income ratio, FICO scores, and other factors.
The purpose of the worksheet is to get all of this information in one place, allowing you to focus on the financial statement instead of having to learn it piece by piece. Once you’ve got all of this info in front of you, you can then negotiate the terms of your loan. Remember that even if you’re not doing a refinancing project, your lender still wants to know about your finances, so make sure you’re prepared.
The Mortgage Loan Worksheet is divided into sections. You’ll probably already have them filled out, and they’re fairly self explanatory. The first section is an introduction to yourself and your financial situation, which will probably include your current credit rating and your credit score.
The next section is the status of your financial statements, including the income and debt statements. This includes your credit card statements, bank statements, and pay stubs. All of these are part of the financial status section.
The last section is where you can fill out your entire loan documents, including all of the documentation that you need for the application. This includes your bank statement, FICO score, pay stubs, and mortgage payment statements. As long as all of this information is available and filled out, your lender should not have any trouble processing your application.
If you are looking to refinance or are having a foreclosure, the Mortgage Loan Worksheet will help you save time and money. Also, if you don’t use the worksheet and just try to guess at what your score should be, you could be overpaying or underpaying by hundreds of dollars. This may be the difference between a successful refinance or the lender giving you a foreclosure notice.
To get the most from the Mortgage Loan Worksheet, fill it out before you begin, go over it with someone else, and print it out. Then, whenever you’re ready to sign the papers, take it with you. Your lender should have everything you need in one place.