Many potential homebuyers today are intimidated by the mortgage process and overwhelmed by the paperwork. While lending guidelines and documentation requirements are at an all-time high, the process can be navigated with guidance from a professional mortgage consultant.
Here are some things to consider:
DO organize your financial documents. This includes your tax returns and W-2’s for two years; 30 days of paystubs and two months of bank statements. This is essential information to have with you when you meet with your mortgage consultant. These documents will help your mortgage consultant determine if there is other information you may need.
DON’T open any new credit or make any credit changes. Your mortgage consultant can review your report with you. If there are any late payments or collections, you will be required to write a detailed letter of explanation. You also will need to explain any recent credit inquiries and confirm whether you have any new credit as a result.
DON’T move money around within your accounts. The base requirement for your mortgage application is the past two months of bank statements. However, any large non-payroll deposits will have to be traced to indicate the source of these funds.
DO respond to any requests for additional documentation throughout the process quickly. Failure to respond promptly can slow down an approval and in some cases, require the lender to request even more documentation.
DON’T take it personally. Mortgage lending is invasive, as a result of the mortgage crisis in 2007-2008. Lenders are making loans but now must document them – and dot every “i” and cross every “t”.
Finally, DO contact your Allen Tate Mortgage Consultant to help you navigate the process.
Lisa Green (Vice President of Loan Origination)
Allen Tate Mortgage NMLS# 79543
Loans available in NC/SC
All loans subject to credit and collateral approval.