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Chicago Mortgage Application
30/04/09
Chicago Mortgage lender may require that you provide some documentation. The forms of documentation may differ greatly from one lender to another. For example, a sub prime mortgage provider may require different documentation from a conforming mortgage provider.
The most common forms of documentation are 2 years of W-2 statements, two to four recent pay stubs, any bank statements, mortgage payment history and any other financial accounts. For those who are self employed, profit and loss accounts that are verified by the accountant may be used to secure the Chicago home mortgage. Some mortgage lenders may use your business tax returns to reflect your income.
The amount of documentation to verify your income greatly depends on the mortgage product that you are taking. Some mortgage products such as a no doc mortgage may not even require anything other than a statement from the borrower of their income.
The most prudent thing to do when borrowing a home mortgage is to have all the documents that you require to verify your income ready before the mortgage interview. This not only makes it easy to verify the information but also speeds up the process of the Chicago mortgage.
It is also a good idea not to exaggerate one’s income. Many borrowers have done this and ended up with mortgages that they can not afford. You should also work with your mortgage company to work out the best possible loan product for your income.
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