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If you’re an independent mortgage broker or loan officer who has been hired to assist your real estate clients in obtaining mortgages, then you must know the importance of a Mortgage Qualification Worksheet. This is a very important financial tool that you must have at hand at all times when working on a client’s loan application.
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With so many mortgage lenders in business today, you must be able to keep up with all of the changes that are occurring in the industry every day. The Mortgage Qualification Worksheet Template Excel is one that will help you do just that. This worksheet template is used by many mortgage professionals and is available for free to download.
This Mortgage Qualification Worksheet Template Excel worksheet works well in helping you to clearly define every aspect of the mortgage loan that you are working on. You will need to include information about your clients, their incomes, job status, assets, liabilities, property taxes, homeowners insurance, credit rating, and the types of homes they want to purchase.
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In addition to the information required in the Mortgage Qualification Worksheet Template Excel, you will also need to supply the purpose of the mortgage in writing. For example, if a person plans to use the loan to purchase a home and use the equity for other personal purposes, such as a down payment for a dream vacation, this section needs to be included in the letter of intent. On the other hand, if a person plans to use the loan as a down payment for a vehicle, then the real estate broker or real estate salesperson needs to include this section as well.
Also, if a person is applying for a refinance on a mortgage, then this section needs to be included in the mortgage application that they send to their real estate broker or salesperson. This is true even if the person is not purchasing a home.
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When you work with a mortgage professional, you need to make sure that they receive a copy of the mortgage qualification worksheet template with your mortgage application so that they can review it before your first meeting. The worksheet will help them see how you feel about certain things. Your broker or salesperson will never understand all of the requirements and guidelines that apply to each mortgage, but this worksheet will make it easier for them to understand your business.
In addition to being used by mortgage brokers and loan officers, this worksheet is being used by lenders themselves, because this will help you to explain all of the requirements for obtaining a mortgage. This worksheet is a basic explanation of what it will take to obtain a mortgage, what the lender is looking for in terms of income, and what all of the terms and conditions will be when they process your loan.
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Using your own mortgage qualification worksheet template is a good idea, but if you get this completed and sent to you by your real estate broker or salesperson, then you may find that it contains some mistakes or inaccuracies. You will need to correct any errors before you can send it back to your mortgage professional, or you can check for accuracy yourself and then send the completed worksheet to them directly.