Mortgage Application Made Easy, yes it can be done! There have been countless stories, articles and media coverage about the difficuties in the obtaining a mortgage for the purchase of real estate. And yes, in the last 5 years things have changed in the industry. The days of stated income, stated assets loans are gone! Most of the changes have been for the better/ Borrowers now need to be able to demonstrate that they have the ability to repay the loan and that they have the necessary funds for closing. Documentating all of this can be trying for any borrower when the paperwork is incomplete.
There are a number of suggestions that will eliminate some of the frustration:
- Be organized! When you have your paperwork organized it is less likely that pages will be missed
- Be complete! Send all the documents that are requested
- Do not make cash deposits into your checking account. ALL deposits must be documented! Making cash deposits will increase the required documentation.
- Write an letter of explanation for any situation that requires further explanation for the underwriter. This letter should be signed and dated.
You know your situation better than anyone! It is in your best interest to present a complete package with all documentation and letters of explanation. Don't make the loan officer or the underwriter guess what the paperwork is suppose to tell them!
If you think of the process as walking down a path. You want to shine as much light on the path as possible! You do that by providing the documentation. Don't leave the underwriter in the dark!
The mortgage application made easy, yes it can be done!
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