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 housing bubble burst, a whole litany of requirements and regulations were put in place and as a result more is required of lenders and borrowers.
- Provide all the documentation requested by your Loan Officer within 24 hours of your initial consultation
- Be thorough and make sure to provide what is actually requested (for example, all pages of bank statements and not just the front page)
- Sign all disclosures provided for signature as quickly as possible – again, we recommend doing so within the first 24 hours of receipt
- 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.
- 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.