A Letter of Explanation for Mortgage is a written statement prepared by the borrower and sent to a potential lender to provide clarification on certain issues or answer questions that have been omitted in the mortgage application or during a personal interview. You may download a Letter of Explanation for Mortgage template through the link below.
Whether you have changed your physical or mailing address without notifying the other party or the lender discovered an employment gap or a late payment pattern in your credit reports, you can prepare a note that discloses your past and present situation. A properly composed explanation sent on time enhances your chances to obtain a mortgage and strengthens your relationship with the lender.
Follow these steps to create a Letter of Explanation for Mortgage:
Underwriters ask for a Letter of Explanation for clarification of the necessary document packet needed for mortgage approval. A lender's goal is to engage in a contract that will be paid. All employment and financial facts will serve as a safety net to receive regular and timely mortgage payments. It is a request for communication that leads to mutual satisfaction in regard to the desired agreement.
Related Letter Templates: