How to Close on Time – Documentation

When it comes to getting a mortgage, today’s environment is very different from ten years ago.  The biggest difference is the documentation requirements.

If you or someone you know is applying for a mortgage, be prepared to supply a bigger pile of documentation and to sign a lot more disclosures and forms.  When the housFinanceing bubble burst, a whole litany of requirements and regulations were put in place and as a result more is required of lenders and borrowers.

Our advice:

  1. Provide all the documentation requested by your Loan Officer within 24 hours of your initial consultation
  2. Be thorough and make sure to provide what is actually requested (for example, all pages of bank statements and not just the front page)
  3. Sign all disclosures provided for signature as quickly as possible – again, we recommend doing so within the first 24 hours of receipt
  4. Remember that the underwriter has the final say – even if you have provided all documentation your Loan Officer has requested the underwriter may need additional items.
  5. Keep a good attitude.  We’re all on the same side.  By all means ask questions if a requirement is unclear but remember that we want our transactions to close just as much as our customers and our Realtors.

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