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The letter of explanation addresses red flags that might derail your approval: why you were unemployed for a period of time or why there’s an unpaid balance on your credit report. Not every ...
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The primary role of a loan processor is to streamline the loan application process.So, no matter if you’re applying for a mortgage or auto loan, the loan processor can help you get your ducks in ...
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
Standby letter of credit (SBLC): Operates like a commercial letter of credit, except that typically it is retained as a standby instead of being the intended payment mechanism. In other words, this is an LC which is intended to provide a source of payment in the event of non-performance of contract.
Here are some of the top fears of homeowners, according to U.S. News & World Report’s 2024 U.S. Homeowner Survey Report, and how to address them. Also see five ways to lower the cost of ...
A letter of comfort, sometimes called a "letter of intent", is a communication from a party to a contract to the other party that indicates an initial willingness to enter into a contractual obligation absent the elements of a legally enforceable contract. The objective is to create a morally binding but not legally binding assurance.