The first rule told to me when I started in the mortgage business was, “He who has the gold, makes the rules.” It is very true.
It means, if you are looking for money from someone else to help you finance a property, you have to follow their rules to get the money. If they are asking you to send over a printout of the transactions in your bank account, after you already gave them 2 months bank statements, then, if you want the loan, you send it over. If you have to write a letter explaining why this is a second home because you own other homes, then you explain why this home is your second home. If they want you to provide documentation explaining a large deposit in your bank account, then you provide it.
There is another saying describing the same concept: “Provide it; don’t fight it.” If the lender is asking for the documentation, provide it. The quicker you provide the documentation, the quicker the loan will close.
Having said the above, there are times when an argument can be made to not give over a document and you can still get the loan. We have witnessed borrowers hesitating to provide documentation in fear their private information may be compromised. We have the experience to know if an argument can be made.
If you find yourself in this circumstance, contact us and we can review it.
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Counsel Mortgage Group®, LLC
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