"But that's personal information, I would rather not send it." This is direct quote from a client that I spoke with earlier today. Here is what any mortgage applicant must know:
- We will look at your tax returns and verify that it is the same information sent to the IRS
- We are going to verifiy your income through your pay stubs, and written verification of employment by your Human Resources Manager.
- We are going to review your bank statement for enough funds for closing. Other items that will be reviewed are any returned checks for non-sufficient funds. Are your savings commensurate with your earnings.
Yes this is personal information, but you are asking for a loan for thousands of dollars. We are going to do our homework to evaluate your ability and likelihood that you will repay this loan. It matters not if you apply for a $100,000 or $1,000,000.
But that's personal information, I would rather not send it. Better rethink that statement if you want your loan closed.