![]() ![]() ![]() Anything that strikes the lender as a red flag is fair game for a letter of explanation. ![]() Technically, the lender can ask anything about your financial situation. Typically, mortgage lenders will request a letter of explanation when they want to know more about your income, employment or credit. Why do lenders ask for a letter of explanation? An underwriter may request a letter of explanation if they run into questions about your finances during the mortgage approval process. Start here (Aug 4th, 2023) What’s a letter of explanation?Ī letter of explanation (sometimes called an LOE or LOW) is a document requested by mortgage lenders when they want more details about your financial situation. And this guide will tell you how to do it.Ĭheck today's mortgage rates. A letter of explanation can allow you to clarify any complications, including glitches in your credit history or employment, to help you qualify for a home loan. Standard mortgage forms often don’t leave space for you to explain any unusual or problematic components of your application. When you’re asked to write a letter of explanation by a mortgage underwriter, look at this as a valuable opportunity to clearly communicate your situation. ![]()
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