What's in a Good Loan Package?
CREDIT PACKAGE CONTAINS:
- A conservative appraisal to determine property value
- The borrowers credit report to verify debts and payment history
- A Title Insurance Commitment, to insure title is clear of any clouds, liens or encumbrances
- Copies of the borrower’s income documentation to verify the borrower’s ability to repay according to the terms of the loan
- Copies Borrowers loan application
- Borrower disclosures
CLOSING PACKAGE CONTAINS:
- Investor disclosures
- Original Note
- Copy of Mortgage and Assignment
- Final Title Insurance Policy, Gap letters and/or Closing Protection Letter
- Copies of all disclosures and compliance documents.
- Proof of Home owners Insurance