Under normal circumstances we can easily meet our mortgage obligations. However, these last 8 months have found us in difficult times. I was let go during a round of layoffs 8 months ago. Despite my efforts, I was not able to find additional employment until last month. Additionally, my wi...
To qualify for a loan, you’ll need to have good credit, a decent debt-to-income ratio, steady employment, and cash reserves. If you’re missing any of things—or many others—your bank may ask for a letter of explanation (LOE) for the mortgage. This is an opportunity to tell your...
There are a variety of different reasons why employees may require an employment verification letter. There are three major reasons these are typically needed, which include: Loans. If your employee is applying for a home mortgage or auto loan, the lender may need to verify their employment is...
Use our HR cover letter samples to show you what a professional cover letter should look like for a job in human resources. Entry Level Recruiting and Employment Cover Letter Template Executive Cover Letter Examples HR Coordinator Cover Letter: Examples & Tips HR Generalist Cover Letter: Examples,...
With appraisal complete, lenders typically begin theirunderwriting process. This is where the lender conducts a thorough review of your financial background and the property in question. During this stage, your lender will typically perform credit checks, verify your employment history and generally rev...
Why do lenders ask for a letter of explanation? Typically, mortgage lenders will request a letter of explanation when they want to know more about your income, employment or credit. Technically, the lender can ask anything about your financial situation. Anything that strikes the lender as a re...
An employment verification letter is written by a current or past employer toconfirm that an employeeor former employee worked at an organization. The request may come from the employee, government agencies, prospective landlords, mortgage lenders, academic institutions, prospective employers, or collecti...
3 Steps to Checking the Legitimacy of an Employment Verification Letter If you want to check whether the letter of verification is legitimate or not, there are certain steps you can take before hiring an individual/approving a home mortgage or a car loan. ...
When you apply for a mortgage, the lender will review information such as your credit history, employment, income, assets, investments, and outstanding debts.But your financial statements, credit report, and tax returns don’t always tell the full story about your financial situation. A letter ...
Get approval: After your lender checks your employment, credit, and finances, you’ll ideally be pre-approved for a mortgage. This is your mortgage commitment letter, which may include any conditions that must be met before the final loan approval. Understanding the Implications A mortgage commitm...