It may seem for some families like purchasing a refinancing a house is an endless amount of paperwork. To most people the mortgage process probably is that complex. Here’s what you need to know when it comes time to getting a mortgage and the number one thing that you want to make sure to avoid doing…
Mortgage companies in America are under a very tight microscope for what they will allow and what they will not allow with regards to your cash, credit and income. Most lenders have a process. Attempting to circumnavigate that process, providing half the documentation, providing less than what is requested or not letting the lender obtain a copy of your credit report is a recipe for failure.
When it comes time to getting a loan after you’ve provided your application and your loan is in process the number one thing you want to avoid doing is being uncooperative. Being resistant to providing documentation, trying to provide documentation in lieu of what is asked for, or worse going unresponsive is just not going to make for a harmonious transaction for you or the agents involved, same goes for a refinance. Everybody is impacted if you don’t fulfill your end of the bargain in providing what’s needed to the lender for the loan that you are applying for.
This means you must be willing to surrender and give up control. Unfortunately, there’s no easy way to say it. When you’re applying for a mortgage loan the lender is the one deciding whether they’re going to lend you $500,000 for example or whatever your desired loan amount is. That means if you want the money that you’ve requested to borrow you have to play ball by their rules there’s no ands or buts about it it’s just what it is.
It would be advisable to get any needed items to the lender first, then ask question. Refusing to provide documentation lender wants to help you, having half an hour conversation about why the bank needs a certain piece of documentation will slow down your loan process. It is much faster to provide the documentation to the lender needs keeping your file moving and following up with “why” later.
Being resistant to providing documentation to the lender in a timely manner ultimately is doing yourself an injustice because it might mean you having to pay for a rate lock extension or a purchase contract. Do yourself a financial favor and always make sure when the lender requests more documentation, just provide it. “Ok, what else can I provide you” is the magic words that will make your process much easier.
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