| Application 1004 -- Uniform bank equity home loan rate Appraisal Report 1005 -- Verification Of Employment (VOE) 1006 -- Verification Of Deposit (VOD) Pre-qualification is a term of art in retail finance, and means that a loan officer has taken some information from the borrower, and made a tentative decision, but not verified any of it. With a pre-qualification, the borrower typically has not stated their social security number or other bank equity home loan rate so it is not possible to check credit. A borrower will give their employment, income and asset information and the amount of current monthly debt. In addition a borrower is asked about their general credit worthiness. Based on this quick work up the borrower will be told that they pre-qualify for a certain loan amount. For example, if bank equity home loan rate borrower makes $15/h or $2600/month this is then calculated to an industry-standard ratio of debt to income, for example 36%. So if a borrower makes $2600/month they would be pre-qualified at a total debt of $936 (this includes any monthly payments 1007 -- Single Family Comparable Rent Schedule 1008 -- Transmittal Summary Copy of deed of current home federal income tax bank equity home loan rate for last two years Verification Of Mortgage (VOM) or Verification Of Payment (VOP) Borrower's Authorization Purchase Sales Agreement 1084A and 1084B (Self-Employed Income bank equity home loan rate and 1088 (Comparative Income Analysis) -- used if borrower is self-employed Simmons sees the lower-interest home equity loan as a better alternative to a higher-interest credit card. Given the |
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