One of the biggest complaints people have when it comes to the mortgage process is being asked to provide documentation and then being asked several times for more and more information. It's more the being "nickel and dimed" for paperwork that is the frustration of buyers. 
Now there are many reasons this can happen but most of the time it can be attributed to the failure of the loan officer to get the correct and adequat information upfront.
A great way to help the mortgage process go smoother is by providing the right documents and as much information up front as possible. I wanted to put together some "cheat sheets" that could serve as a good guide on what a buyer should have ready for their first meeting with their lender. Now obviously each and every situation is different but this is a great start for most.
You can click on the links below to access a pdf file for the scenario that best describes your situation. The documents are stored and being accessed via Dropbox.com
Salary/W2 Wage Earner -
http://dl.dropbox.com/u/16434394/Homework%20List%20Standard%20Salary.pdf
W2 Commission Based -
http://dl.dropbox.com/u/16434394/Homework%20List%20Commission%20Income.pdf
Self-Employed -
http://dl.dropbox.com/u/16434394/Homework%20List%20Self-Employed.pdf
Retired -
http://dl.dropbox.com/u/16434394/Homework%20List%20Retired%20Income.pdf
Again everyone's exact situation is different. There may be other things that need to be provided based on little nuances but if you follow the lists above, you will have a much more productive initial meeting with your lender. If you are working with a true professional that knows their stuff - they should be able to go through the documents provided and let you know of any red flags that could come up through the underwriting process.
The key thing to remember is that lending is a process of documenting and explaining the transaction on paper. Income, assets, and credit has to be explained out completely and lenders are asking for more paperwork - but by being more organized and efficient up front your loan will go much smoother.
I would love the opportunity to show you how smooth financing can be when done correctly!
Comments(2)