Thinking about Buying a Home or Refinancing soon?
Read on and be better prepared when applying for your new Mortgage ...
The news and blogs are currently filled with stories regarding the huge and sometimes overwhelming demand for documentation during the mortgage lending process. Much is presently being made of the number and kind of requests being made for proof of finances, payments, credit, and more by lenders and their underwriters during the processing of loans.
I personally don't see these requests disappearing or even lessening in number anytime soon. It's also my opinion that argument or protesting these requests is a waste of time in the majority of cases. Compliance is typically the best route and the sooner that is achieved, the sooner you move forward in the processing of the loan.
To hit the floor running during the application and processing portion of a transaction, I like to educate my clients in advance as to what the typical expectations for documentation will be for their mortgage loan. I warn them that it HAS become the "norm" that they will have to produce more documentation than typically required in the past and as we proceed through underwriting.
Without trying to scare a client or put them on the defense, I also make my client aware of my personal opinion regarding our approach to these requests and its effect on the expediting of their approval.I have this Mortgage Application List set-up so it can be viewed, enlarged, then printed by clients as a convenient reference while working towards their loan application, then approval.
My Mortgage Application List reads as below:Information and Documentation Required Upon Application of Mortgage LoanBasic Information
Please note: Buyers that are Self-Employed must provide more thorough tax records and more financial documentation upon application because of the nature of their employment and employment status.Those extra documents required are so noted on my Mortgage Application List.Note also: U.S. Veterans must also supply information pertainable to their service when applying for VA Loans. Those required Veterans documents are also shown separately from the basic required documentation upon my Application List.