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It has Got to Be Here Somewhere?

Yes, It has Got to be here Somewhere! I try to prepare my buyers for what is needed for a loan application, such as current payroll stubs, bank statements, income tax returns, etc. And there seems to be 2 types of buyer groups out there, those who have all of their important documents in one file, clearly labeled, organized, ready at a moment's notice when needed. And then we have the other type of buyer who just knows their important paperwork & documents are in a very "safe & secure" location, but just 'where' that particular location is right now, is anyone's guess. And this is what I hear: It has Got to Be here Somewhere....

So if you fall into this last buyer type grouping, thinking of purchasing a home...it might be a good idea to start that search for the needed documents now. If you can't locate certain documents, such as divorce decrees, bankruptcy papers, proof of medical collections paid, bank statements...think about where you could find them, or perhaps request a copy. You will make the loan process go much smoother if you are well prepared at the start.

So, don't be throwing away your payroll stubs, don't be shredding your bank statements, remember where you put those last 3 years tax returns along with W-2's, if you had a divorce - look for a copy of that divorce decree, been through a bankruptcy - look for your copy of the bankruptcy report showing what accounts were claimed & have a copy of the discharge paperwork, are you paying child support or receiving child support - documentation needed there as well.

If you would like a list of what items will be needed for a loan application or pre-approval, give me a call @ 440-309-5209 or e-mail at: info@CarlaHarbert.com . Lenders will not accept the excuse of "it's got to be here somewhere", you need it, and you need it now!

Thinking of buying? Before you start looking for a home - get Pre-Approved! Call me for details: 440-309-5209 or Toll Free: 877-737-0373.

Posted by Carla Harbert - RE/MAX Pros on 04/17/2008 12:41 AM

Comments (5)

activerain, finance, loan application

Post is included in group: Realtors®
Post is included in group: RE/MAX Active Rain Bloggers

5 Comments on It has Got to Be Here Somewhere?

Wow! This is really good! I just read your bio and understand why! I understand that people loose and misplace things but the divorce decree? the BK papers?

04/18/2008 05:00 PM

by Rich Dansereau Loan Officer Knoxville TN (Home America Mortgage)

Oh yeah, it seems like our area of Ohio has many that have gone through a divorce and have NO IDEA where their divorce decree is, and when getting a mortgage, this is a very important document to have, most times will be required to obtain. Plus if you have gone through a bankruptcy, and not all was cleared off or marked as settled - credit reports must get cleaned up, so the bankruptcy paperwork is needed, most again - have no clue where this "very important paper is".

04/19/2008 10:56 PM

by Carla Harbert - RE/MAX Pros (www.LorainCountyHomeSales.com)

Carla, oh the curse of the shredder. If they worry about privacy and identity theft then when it comes time to do the loan app they have to wait another two weeks for a pay stub. No wonder it takes so long to close a house : )

04/19/2008 11:13 PM

by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

This is so important... it's so sad to find the perfect home and have the paperwork create the potential to lose the opportunity.

04/20/2008 03:11 PM

by Chuck Willman, Arizona Realtor®, ABR, TRC (Gentry Realty & Investments)

Gary Woltal: oh yeah, the evil shredder. Some items were meant to be saved - but you are right, the fear of identity theft is real. I used to laugh about it, especially the commercials about identity theft - but it recently happened to my son, after applying to purchase a computer at Best Buy. What a nightmare to stop! Anyway, that's another story I'll have to tell later on...but thanks for commenting!

Chuck Willman: Thanks for commenting, and I can't believe the number of people I come across that do not keep their payroll stubs. It does delay getting a loan approval when you keep giving the loan officer excuses, just like the title reads, "It's got to be here somewhere".

04/21/2008 10:28 PM

by Carla Harbert - RE/MAX Pros (www.LorainCountyHomeSales.com)

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