Category: Documentation

DETAILS MATTER

  When applying for a mortgage loan, the details matter. It is important that you provide us with all of the information, so we know how best to get the loan for you. Many times we’ll talk to someone on the phone who appears to know the process, or “has a friend” who did or did not need to provide certain documents. That may be true, but each scenario is different, and is individual to you. So, certain documents or information is requested, you’ll have to provide it.

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LOAN APPROVAL:  IT’S NOT THAT PERSONAL

Years ago, when our parents and grandparents went to the local bank to get a loan, they would meet with a banker who they likely knew.  The banker would consider many factors, including their personal relationship, in determining whether to approve the loan. This is not the case today. Today, it is about the saleability of the loan.

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FULL DOCUMENTATION

Loans today require full documentation. Many times I get asked why certain documents are required. In today’s lending environment, files are scrutinized closely. The following are some items that are being requested, and the rationale for the requests. Unexplained deposits in your bank accounts – lenders will ask for documentation to support deposits in your bank accounts where there is no explanation for the deposit. For example, some deposits appear on bank statements with simply the word(s), “Deposit” or “Counter Credit.” As such, the underwriter does not know the source of this money. The underwriter will inquire as to the...

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IS IT MOVE-IN READY?

In order to get a mortgage, the property condition must be move-in ready; it must be habitable and safe. I often get asked if there is a list of items the house must have in order to meet the habitability standard, but there is not, as it is on a case-by-case basis. Here is a list of some of the items that may be required before the lender will approve the loan: ● Leaking roof must be fixed ● Pool must be filled ● Upper level decking with no railing, railing must be installed ● Exterior peeling pre-1978 paint where...

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DOCUMENTS NEEDED TO APPLY FOR A LOAN

The most common question I am asked is,” What documents are needed to apply for a loan?” Each scenario is different, and there are probably documents that would not apply to you in this list. Alternatively, there may be items that do apply to you that are not in this list. The following is a list of documents that are typically needed to apply for a residential loan: Copy of front and back of drivers license Copy of social security card Last two years W-2s Last two years tax returns, all pages Last two years Schedule K-1s, if applicable Last...

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