If you have a joint bank account with another person, and that person is not going to be on a mortgage loan application with you, you will need something called a full access letter from the other person.
This would verify to the underwriter that you have access to use that money for settlement, if needed.
I have seen the need for a full access letter in the following scenarios:
Read the rest of this entry »
I lost a client recently, mostly because she was a price shopper, and would not answer my questions. And then I heard from her again, mostly because she was a price shopper, and would not answer my questions! Confused? I was too. It has to do with currencies, underwriting rules, foreign countries and more. Sounds mysterious. I’ll explain. Read the rest of this entry »