When obtaining a home loan, you’ll receive two important documents from your lender: a loan estimate and a closing disclosure. On the surface, these documents are very similar, but they both serve different purposes. Here’s what you need to know about the differences between these two forms and what each means for you:
What to Consider When Getting a New Loan in Missouri
When applying for a new loan in Missouri, it all boils down to good credit and your payment history on your prior mortgage or apartment. Do some research and find out what lenders and underwriters are looking for when applying for a new loan in Missouri. Consumers with a perfect a mortgage history have a strong chance of qualifying for low interest rates and attractive terms.
The number of late payments and the time frame prior to applying for a loan in Missouri will be the deciding factors determining which type of loan you qualify for. For example, if you have 1 late payment you could qualify for a Conventional loan, but have a slim chance of qualifying for a Jumbo loan in Missouri. Mortgage professionals want some kind of proof that the money you borrow will be paid back on time and on a monthly basis. Your history will track how responsible you have been in the past. If you are renting an apartment, you would be well-advised to pay online or by check. This will allow underwriters the ability to trace a 12 month history. If you pay your rent in cash, those payments will appear invisible to the underwriters.
Interested in staying up to date with the mortgage industry? Visit our website and sign up for our monthly newsletter. This newsletter provides helpful tips on purchasing and refinancing your mortgage.The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.