Remember when your parents would say “Because I said so” well this is the mentality you need to go into when applying for a loan. So when your lender asks you for a document, you just say “ok” you don’t need to ask why, you just need to get it to them as soon as possible (within 24 hrs). You can be your own worst enemy in the loan approval process if you take too long or never provide the needed documents. Trust that you have chosen this lender for a reason, they are on YOUR side and they are working to help you get this loan, they are not out to torture you or make this more difficult than it already is. They are your own personal boxer in your corner!
Anyone applying for a mortgage in today’s market, it is no longer about who has the best credit score, or who has the money in the bank. It is about who can prove their financial worthiness on paper! This would be the PERFECT LOAN FILE this makes all the difference in getting approved for a mortgage today.
As a lender we are the middle man in the loan process. Initially it starts with us, collecting the needed documents per the loan requirements you are applying for. Once collected it goes to the processor who gathers and reviews, then submits it to the underwriter. From there the underwriter ALWAYS asks for some sort of additional documentation. So be prepared to gather more documents. Any lender you choose to work with, this will happen! It is not something that can be avoided by switching lenders. ALL lenders have the same guidelines.
Now these documents may seem silly or redundant but no matter how you feel about it, it will still need to be done so you just need to do it, “because they said so”!
The article I read from Forbes.com “The Perfect Loan File” is the best article I’ve read in a long time. It explains the loan process and the “because I said so” mentality needed. It helps layout the reasons why we are in this “over documentation” loan process and how we got into this new “under the microscope” underwriting. I highly recommend anyone who is applying for a mortgage or will be in the near future to read and to pass it on to anyone else they know will be applying for a mortgage.
If you would like to get pre-approved please click here to complete a loan application.
If you have any questions please contact me. I’m always available to help.
~Ray Williams
Branch Manager
Summit Home Mortgage
303-779-0591 ext. 101
