Any number of situations may cause a mortgage underwriter to ask for a letter of explanation. You may be asked for a letter of explanation if there are issues with your credit report. Sometimes.
Sometimes when you are applying for credit card or are getting a new home mortgage loan you will need to draft a letter of explanation to explain an item on your credit report, your income or about your employment history.
What is a letter of explanation? Whoever came up with the name for letters of explanation was a pretty straightforward dude, because that name pretty much says it all. These letters are submitted as a part of a loan application process in order to explain certain aspects of your finances that might otherwise raise a red flag.
How to Write a Letter of Explanation. Address the letter to your mortgage loan officer or the mortgage company according to your loan officer’s instructions. Limit your explanation to facts and dates. Avoid any temptation to place blame or rant about anything or.
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Letter of Explanation is not a mandatory document. But CIC expects it to be uploaded in case of any explanation applicant want to do. For Ex : I have explained that I was preparing for interviews during unemployment period. One of my friend explained his visa(to some other country) got rejected because he did not submit all the documents needed.
A Letter of Explanation (or LOE) is commonly requested by a mortgage lender or underwriter to get specific information from the borrower and complete the loan application process. A Letter of Explanation Might Be Requested If You Have:
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How to write a "Letter of Explanation" for Canada application