What is a letter of explanation, and why does it matter?
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Video Description:
There's a lot that goes into getting approved for a home loan. One that you might run into is a document called the letter of explanation, or LOE for short.
Basically, an LOE gives you the opportunity to tell YOUR side of the story regarding potentially negative aspects of your application. Whether it's a gap in your employment history, a collections account on your credit report, or something else along those lines, many lenders will give you the opportunity to explain what happened.
By placing an issue in context, lenders are able to anticipate concerns their underwriters might have and help you get ahead of them. Basically, an honest, well-written LOE can actually HELP you get approved for your loan, even if you don't meet the perfect borrower profile.
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
