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You also have to given written authorization to your lender to get a copy of your credit report and to do an appraisal of the property you want to buy.
Your lender will provide you with something known as good faith estimate and truth-in-lending disclosure. The good faith estimate gives you information on the costs you will incur at the time of closing the loan. The truth-in-lending discloses the total cost you will over the term of the loan depending on your loan type. This calculation is based on an assumption that you will make regular payments during the term of the loan.
Your employers for the last two years are sent Verification of Employment form. They have to complete the form, sign it and then send it back to the lender. The form will show the lender the amount of money you earned the previous year and how much you have earned in the current year. The form also gives information on all the overtime and bonuses you earned.
Similarly, you landlords and bankers will also receive forms that they have to fill out with regard to your savings in the last three months, the amount of money you have in your bank accounts, the loans and overdrafts you have for each account and the amount of monthly payments you make.
Usually filling out these forms and sending it to your lender can take a few weeks. The loan processor is the person who collects all the information and compiles the documentation for your loan application. If there is a problem with the forms, the loan processor will call you either for assistance or verification.
A loan processor will also call you to give you information that you could have asked earlier about the loan. You can also address your concerns to the loan processor who would be more than glad to give you insights into the issues.
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