Tip #7,153 • 1 person found helpful • 1 List All lenders will require you to provide full bank statements as a part of the approval process. Have the check images for all non-direct deposits ready for your lender to verify when you submit your initial paperwork. Read More Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send
Tip #7,151 • 1 List If you are purchasing a home, typically contract agreements require some sort of upfront earnest money deposit. Dramatically speed up the closing process by securing a certified bank check instead of writing a personal check. Read More Money new home + loan + mortgage + Helpful... Share Share Tweet Send
Tip #7,154 • 1 person found helpful • 1 List When buying a home, you need to provide proof of home owner’s insurance before you close on the loan. Buyers typically call a few providers and then select a carrier. Call to make your carrier selection when you go under contract and then provide the contact info to your lender. Read More Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send
Tip #7,152 • 1 List Your loan officer will provide a list of items needed to prepare your loan for approval. They will ask for full bank statements, tax returns, divorce decrees, etc. Help your lender help you by sending in ALL pages of any document they request, even the blank numerated pages. Read More Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send
Tip #7,155 • 1 person found helpful • 1 List Although your lender will obtain copies of your paystubs and W-2s upfront, they will in almost all cases ask for subsequent paystubs or any newly issued W-2s, if applicable. Be prepared to send them in as soon as they are available to you. Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send
Tip #7,156 • 1 person found helpful • 1 List Many loan applicants have had challenges in the past related to job loss, health issues, divorce, etc. If these triggers have caused negative credit items on your credit report, write an explanation letter detailing what led up to and how you overcame the derogatory credit. Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send
Tip #7,157 • 1 person found helpful • 1 List It’s important to recognize that lenders are heavily regulated by the Government and much of the required loan disclosures are complicated, confusing, and often appear incorrect. After you have reviewed your loan package make a short list of questions for your loan officer. Read More Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send
Tip #7,158 • 1 person found helpful • 1 List Your loan requires lots of paperwork and it's very possible your lender will ask for the same piece of information twice. Maybe it was lost, you sent the wrong item, an illegible fax, etc. It’s usually quicker and easier to send what is needed instead of arguing. Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send
Tip #7,159 • 1 person found helpful • 1 List Be patient. Final approval on a mortgage loan can take awhile. The application is often viewed by several departments before it is cleared. Money new home + loan + mortgage + lender + Helpful... Share Share Tweet Send