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How does mortgage illustration differ from an agreement in principle? A mortgage illustration outlines the terms of a mortgage in theory. It is not credit checked and does not count as an offer or as an agreement in principle.

The law specifies several items that must be included: The principal loan amount. The current interest rate. The date on which the interest rate may next reset. A description of any late payment fees and any prepayment fee to be charged. Information about housing counselors.

There are four ways to open a bank account that no creditor can touch: (1) use an exempt bank account, (2) establish a bank account in a state that prohibits garnishments, (3) open an offshore bank account, or (4) maintain a wage or government benefits account.

Mortgage illustrations are generally passed on to you after an initial conversation with a potential mortgage provider, after they ask you to provide them with some general information about the kind of mortgage you're looking for (we'll go into what information you might be asked to provide shortly).

Most mortgage lenders need to see your bank statements: This is to assess your affordability and eligibility, and if they see something they don't like in your most recent statements, you could be declined for a mortgage or offered an unfavourable deal.

If you have checking and savings accounts, plan on submitting statements for both as part of the home buying process. Providing all of your bank statements upfront can speed up the mortgage loan application process since your lender may not be able to proceed with the underwriting process without them.