Letter of Explanation: What, Why and How | How to Buy a House

This is video #2 of my Credit Repair and Restoration series. Sometimes when you are going through the approval process the lender will ask you to draft a "letter of explanation". The three most common questions they have are regarding credit, employment or previous addresses. If a lender is questioning late payments then they are really trying to determine if “a borrower’s disregard for financial obligations, the borrower’s inability to manage debt, or extenuating circumstances” — all of which could impact the borrower’s ability to pay back their loan.
Underwriters want to know why it happened, why it wasn’t your fault and why it will never happen again. YOU MUST INCLUDE ALL OF THOSE ELEMENTS.

Check out Video #1 of this series:    • How Credit Affects Your Buying Power ...  

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You would be so amazed what a few extra points, good or bad, could mean when obtaining a home loan. Financial knowledge and the best credit score possible is the key to obtaining the best home loan possible. If you know that you could “use a little work” on your credit check out www.PathToGreatCredit.com. You could be 4-6 months away from GREAT credit and also one step closer to buying the home of your dreams.

Homes for sale in Charlotte, Mooresville, Huntersville, Lake Norman, Cornelius, Davidson, and Concord, NC. www.Search704.com is the website for Ashley Jamererson, NC Realtor ® that has an optimized home search engine, instant home valuation tool, home buying and selling tips, luxury home and new construction tours, video walk-thrus and drive through tours as well as information on local loan programs and interviews with local mortgage lenders. Ashley Jamerson has helped buyers and sellers in Charlotte, Huntersville, Mooresville, Cornelius, Davidson, Concord, Lake Norman, Mountain Island Lake, Denver, Stanly, Troutman, Gastonia, Kings Mountain, Statesville, and Salisbury, NC. You can also see video home tours and current listings of Charlotte area homes in neighborhoods such as Westbranch,Lantana, The Palisades, McAdenville Village, Allen Mills, Skybrook, Medidale. Bryton, Vermillion, Olmsted, The Courtyards on Lake Norman, Highland Creek, Castlebrooke, Wellesley, Jetton Place, The Avenues at Ayresley, Kensington Village, and Woodbridge. Make sure you subscribe so you do not miss out on video tours of of new construction neighborhoods, current listings of Ashley Lambert Realty, and local events. Call or text Ashley at 980-319-3664 for any real estate related question and let her help you “right-size” or relocate to the Charlotte, NC area.

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