Documentation type (Doc Type) and loan to value ratio’s go hand in hand. Documentation type is the manor in which you will prove your income that determines your debt to income ratio (DTI).
If you are not familiar with what a debt to income ratio is you should take a minute to review this short debt to income summary to figure your debt to income ratio. It is very important when determining documentation type.
Lendfast.com - Having worked in the mortgage industry for some time I have come across some pretty informed borrowers, and they are usually the ones who get the best deals.
Rarely do uninformed borrowers get the “best deal”, and the difference between a good deal and your best deal could be many thousands of dollars over the life of a loan. For this reason I decided to put a list of things you should know before you go.
OK, you have just filled out the online mortgage application, now what?. Your name will be now given to four different lenders who match up well with your specific needs. You are now a “lead”. As a loan officer who used to field these type of leads, I have found that most people will commit to the first person that calls them. In fact the leading lead aggregator reports that up to 55% of their clients will buy from the first lender that calls them.
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