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Mortgage Broker Submission-Land Contracts

What is the Mortgage Broker Submission

A mortgage broker submission for land contracts is written to the broker or the lender and it is written by the salesperson or by the individual regarding the financing of the prospect. In this the person asks the broker or the lender to check the application in order to see what LTV can be done based on the score of the individual who needs the loan.

This Mortgage Broker Submission has the details of the borrower, his social security number, the purchase price, loan amount, down payment amount and details of the property. This Mortgage Broker Submission also informs that the credit of the person can be pulled up so that it may be checked and verified. It also states the max amount which the person can afford to pay per month. This amount which the person can pay monthly should be stated so that the financing can be given with that maximum installment amount. It also asks if the person is not eligible at the current time due to the maximum amount he or she can pay is nowhere even close to what the amount of the installment should be, then if the person will ever be a likely candidate incase he or she proves that he or she has been paying regularly for 12 months.

This document is an application or an appeal made so that the loan can be advanced to the borrower and the borrower can go ahead either immediately or in the future to avail of the loan.

 

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