{"id":5934,"date":"2023-05-17T17:24:23","date_gmt":"2023-05-17T17:24:23","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=5934"},"modified":"2024-02-02T16:32:14","modified_gmt":"2024-02-02T16:32:14","slug":"letter-of-explanation","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/mortgage\/letter-of-explanation\/","title":{"rendered":"Letter of Explanation"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you are going through the process of applying for a mortgage, you understand that you might be asked for certain documentation. For example, your lender will ask for information about your financial situation, the various debts you carry, and where your income is coming from.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To get a better financial picture, they might even ask for a letter of explanation for your mortgage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To make this process easier, you might want to use a <\/span><span style=\"font-weight: 400;\">l<\/span><span style=\"font-weight: 400;\">etter of explanation template. That way, you don&#8217;t overlook anything.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keep reading to learn more about why letters of explanation are required and how to write one for your lender.<\/span><\/p>\n<div id=\"key_takeaways\"><h3>KEY TAKEAWAYS<\/h3><ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Letters of explanation are used to clarify concerns regarding eligibility.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Letters of explanation are not always required, but they are common.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">When writing a letter of explanation, you should provide documentation to support your claims.<\/span><\/li>\n<\/ul>\n<\/div>\n<h2><span style=\"font-weight: 400;\">What Is a Letter of Explanation?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A letter of explanation is a document that the lender may request to learn more about your specific financial situation. Mortgage loans are significant, and lenders need to be confident that you\u2019re going to be able to repay the loan.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To qualify you, they will take a look at where all your income is coming from, where it is going, and whether it is a consistent stream. Whether you\u2019re applying for a <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/fixed-rate-mortgages\/\"><span style=\"font-weight: 400;\">fixed-rate mortgage<\/span><\/a><span style=\"font-weight: 400;\">, adjustable-rate mortgage, or any other type of home loan, this is standard.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the lender is unsure about where your money is coming from or where it\u2019s going, they may be a bit concerned. If your financial situation isn\u2019t consistent, the lender might be worried that you won\u2019t be able to make regular payments on your mortgage. In this case, they will often ask for a letter of explanation in an effort to dispel any worry or confusion they might have about your ability to repay the loan.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5935\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image1-10.jpg\" alt=\"Close up of a Black person\u2019s hands typing a letter on their laptop.\" width=\"1368\" height=\"912\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image1-10.jpg 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image1-10-300x200.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image1-10-1024x683.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image1-10-768x512.jpg 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<h2><span style=\"font-weight: 400;\">Why Do I Need a Letter of Explanation?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Lenders will ask for a letter of explanation if they want to learn more about your credit standing, employment history, or income. Anything that raises a red flag regarding your financial situation could trigger a request for a letter of explanation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Generally, if something out of the ordinary appears on your financial documentation, the lender may ask for more information.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some of the most common reasons why a lender might ask for a letter of explanation include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You may have some discrepancies in your address on official documents. The lender wants to make sure that you are not a victim of identity theft.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you have a significant gap in your employment history, the lender will ask for more information. They want to make sure that you have a consistent source of income to ensure you can repay the mortgage.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you had a sizable deposit into one of your bank accounts recently, the lender may ask for more information. If it doesn\u2019t appear to come from a job, they\u2019ll likely want to know more about the source.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you have a history of late or missing payments to other sources of debt, your lender will want to learn more about why that happened.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If your income is inconsistent, your lender will want to figure out why that is the case and whether it\u2019s going to continue moving forward.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you can clarify any worries that the lender might have, you should be able to improve your chance of being approved for a loan.<\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:641,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:1,&quot;12&quot;:0}\"><div class=\"cta_banner\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/04\/catbanner1.jpg)\"><h3>Having trouble qualifying with other lenders?<\/h3><a href=\"https:\/\/apply.griffinfunding.com\/#\/milestones\">Apply Online Today<\/a><\/div><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How Do You Write a Letter of Explanation?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you have been asked to write a letter of explanation, you may want to use a template to make sure you don\u2019t forget anything. The general steps are as follows:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">You need to start by acknowledging any concerns that the lender might have. That way, you and the lender are on the same page. Reiterate why you have been asked to write the letter from your point of view.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Then, state the facts as they appear on your documentation. Reiterate the specific numbers that the lender has questions about.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clearly explain where the money has come from, where it is going, the gaps you have in your employment, or any other issues that your lender might have raised.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For example, you might have a sizable deposit in your account because you recently earned a bonus, or maybe there was a gap in your employment because you had a baby.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Finally, you need to explain why these discrepancies are not going to happen again and why you have the financial capacity to repay the loan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make sure to include your name, street address, the date of the letter, and your contact information when you submit it to the mortgage underwriter. This information is usually included at the top.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Remember, it\u2019s crucial to provide specifics, be as clear as possible, and advocate for yourself because your ability to get a loan for your house may hinge on its success.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5937\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image4-7.png\" alt=\"Template of a letter of explanation.\u00a0\" width=\"1368\" height=\"1637\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image4-7.png 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image4-7-251x300.png 251w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image4-7-856x1024.png 856w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image4-7-768x919.png 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image4-7-1284x1536.png 1284w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><br \/>\n<div class=\"cta_banner gold_cta\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/gold-background-1.png)\"><h3>Download the Griffin Gold app today!<\/h3><p>Take charge of your financial wellness and achieve your homeownership goals <br><br>\r\nUse invitation code: <b>GRIFGOLD<\/b> to register.<\/p><div class=\"stores\"><a href=\"https:\/\/apps.apple.com\/us\/app\/griffin-gold\/id6460034387\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/apple-icon.svg\" \/><\/a><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.griffinfunding.gold\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/google-store.svg\" \/><\/a><\/div><\/div>\n<h2><span style=\"font-weight: 400;\">Tips for Writing a Letter of Explanation<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you have been asked to write a letter of explanation for a mortgage, here are a few tips we recommend following:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Keep It Short<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You need to keep the letter short and to the point. Include the necessary information and elaborate where necessary, but don\u2019t include frivolous details.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You want the lender to take away key clarifying points on the issues standing in the way of your approval. Keeping it concise prevents confusion.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Create Subheadings for the Various Issues<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">For many people, a letter of explanation will be fairly short and touch on one or two points. However, for some, there may be many aspects of their finances to clarify. If that\u2019s the case for you, you may want to use subheadings to improve organization.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using subheadings makes it easier for the person reviewing it to find the information that pertains to each concern.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if they\u2019ve asked for explanations about late payments, create subheadings that point directly to each payment that requires clarification. If they are asking about a gap in your employment history, make sure you create a section specifically to address that gap.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the note of making it easier to read, typing letters of explanation is highly recommended.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Be Detailed, But Not Irrelevant<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You need to be as detailed and as specific as possible. Remember that this is your one chance to alleviate concerns that the lender might have about your ability to repay the mortgage.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Do <\/span><i><span style=\"font-weight: 400;\">Not<\/span><\/i><span style=\"font-weight: 400;\"> Get Emotional<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Getting approved for a mortgage is generally all about the numbers. While it is certainly an emotional experience because you are trying to get approved for a home loan, you don\u2019t want to get emotional when sorting out the logistics with your lender.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Instead of pleading with the lender to approve you, be as professional as possible and stick to the facts. They will appreciate your transparency and compliance.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Thank the Reviewer<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You want to be polite and professional when you write this letter, so always thank the reviewer for their time. Remind them that you appreciate the opportunity to be considered for a home loan, and invite them to reach out to you if they have any further questions or concerns.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Last but not least, have someone proofread the letter for any grammar or spelling issues.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5938\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image5-4.png\" alt=\"Image of a checklist with text that reads, \u201cLetter of Explanation Checklist: Loan number; Supporting documents; Signatures of all parties applying for the mortgage\u201d.\" width=\"1368\" height=\"442\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image5-4.png 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image5-4-300x97.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image5-4-1024x331.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image5-4-768x248.png 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:641,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:1,&quot;12&quot;:0}\"><div class=\"cta_banner\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/04\/Catbanner2.jpg)\"><h3>See if you qualify for one of our non-traditional mortgages.<\/h3><a href=\"https:\/\/griffinfunding.com\/full-page-form-quick-quote\/\/\">Contact Us Today<\/a><\/div><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What Happens If a Letter of Explanation is Rejected?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If your letter of explanation for a mortgage is rejected, don\u2019t panic. Talk to the lender to see if providing further clarification would help or ask for more details on why they\u2019ve rejected the letter. That can help you decide what the next steps are.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While there is a chance that you might get rejected for the mortgage, keep in mind that you have other options available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-5936\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image3-13.jpg\" alt=\"Young Black woman reading a letter with a distressed expression on her face while sitting in her kitchen.\" width=\"1368\" height=\"912\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image3-13.jpg 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image3-13-300x200.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image3-13-1024x683.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/05\/image3-13-768x512.jpg 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Apply for a Mortgage with Griffin Funding<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If your letter of explanation is rejected and you\u2019re denied a mortgage, you may want to pursue other <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/home-buying-tips\/types-of-home-loans\/\"><span style=\"font-weight: 400;\">types of home loans<\/span><\/a><span style=\"font-weight: 400;\"> available to you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, you may not qualify for a traditional loan based on your financial circumstances, but you might be eligible for <\/span><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/bank-statement-loans\/\"><span style=\"font-weight: 400;\">bank statement loans<\/span><\/a><span style=\"font-weight: 400;\"> with another lender.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Griffin Funding, we have worked with people of all backgrounds who are looking for more flexible ways to get approved for a home loan. If you find that you are having a difficult time getting approved by a traditional lender, we can review your financial circumstances to see if you qualify for one of our other loan options.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We understand that everyone is in a different financial situation and strive to find solutions that work for the modern borrower. We would be happy to discuss our options with you and see if we can find a mortgage loan option that suits you.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Contact us at 855-698-1098 today to speak to a member of our team and learn more about our home loan offerings. You can also <\/span><a href=\"https:\/\/griffinfunding.com\/full-page-form-quick-quote\/\"><span style=\"font-weight: 400;\">request a quote online<\/span><\/a><span style=\"font-weight: 400;\"> to get started.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are going through the process of applying for a mortgage, you understand that you might be asked for certain documentation. For example, your lender will ask for information about your financial situation, the various debts you carry, and where your income is coming from.\u00a0 To get a better financial picture, they might even<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/letter-of-explanation\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":5939,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-5934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mortgage Documents - Letter of Explanation | Griffin Funding<\/title>\n<meta name=\"description\" content=\"A letter of explanation may be requested to clarify information regarding your financial history. 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