Before beginning the authorization process for a loan you will want to write an authorization letter. This letter will be your contact information and will be used by your lender to find out whether you have established a good credit history with them, and this will in turn help them decide whether to give you the loan. Many people do not write their authorization letters. It is not always easy to write an authorization letter, but it is a necessary part of the loan approval process.
The first thing you should do is sit down and write a letter that contains your most important details about yourself. You want to use your signature, and that is the only name you use. You want to use a letterhead, or you can use an old, old letter. Write everything down clearly so that you are sure to write it down exactly the way you want to. Use the time between when you finish writing your letter and the time when you write it as a time to just relax, think about what you want to say, and then when you are done to write it again.
When you are writing your letter, you will want to make sure that you write your letter from the perspective of the loan officer. Make sure that you use your name when you are writing, and that you use your contact information in your signature. Then you want to list all of the important aspects of your financial situation. If you have a previous loan to your name, include this information, too. List all of your debts and your current debts in a specific order.
The next part of your letter will talk about your financial status. Ask the lender to find out how much money you have available for a down payment, and be sure to be specific about the amount you have available. Also, ask the lender to determine the balance of your checking account, to be sure that you are on the right side of the balance-to-limit ratio. Finally, state that you are satisfied with the way you have reported your finances.
You should also state that you have submitted all of your financial documents to the loan officer before sending your letter. Even if you have sent your letter and have not gotten an answer from the loan officer, you will be helping yourself by sending the lender all of your financial information. Your lenders may be more likely to accept you if they know that you have gone through this process before.
The last part of your letter should be a request for a financial statement. If you have a job, you will need a pay stub and a job description. Also, you will need a current job and a time frame within which you plan to get your new job.
Once you have received the financial statement from the lender, you should attach it to your letter. Then you should state that the lender has accepted your request for a loan, and you will send the statement to them. This will be a legal document, so keep in mind that you will not have to send the statement yourself. You should state that you have sent it and that you have not received anything.
Once you have followed this step, you will have a well written and well constructed authorization letter. After you have done this, you should complete the rest of the steps for your loan approval. Following these steps will help you in writing a great authorization letter.