If you are looking to purchase or refinance and need to get pre-approved, you need to send your financials (W2’s, paystubs, bank statements, tax returns) to your lender. Now, I know that many of you are hesitant on doing this.
Despite your hesitations, you need to understand that without such documents your lender cannot provide you with a complete pre-approval. Without looking through these, your lender can not foresee any possible future issues, nor can they calculate your income sufficiently, which could cause an inaccurate estimate of purchase price, loan amount and most importantly, loan pre-approval.
If you are concerned about privacy and are uncomfortable submitting financials through the web, then discuss with your lender and find alternative ways of sending or better yet, take them to your lenders office personally.
Now, please understand that by bringing your financials to a lender does not require you to work with them, nor does it mean you are locked into anything. Ultimately you are responsible for doing your research beforehand when choosing a lender, and then, if after meeting and/or talking with them and supplying the required documents, you decide if you feel secure, confident and comfortable in working with them. You are hiring them to be part of your team and you should feel as if they are working for you and are going to be responsive,honest and efficient.
Make sure you give the lender a chance, let them review your documents, see how they can help and what they can offer to you. A lender cannot give you their full service without you sending your financials. If a lender is not asking or requiring you to send in your complete financials in order to receive a lender letter, you should be concerned. It may seem easier and less inconvenient for you by not providing these essential documents but you need to remember the ultimate goal is to be approved and close on your loan. You don’t want to be left with any surprises or looking to provide needed documentation at the last minute, especially when something could have been caught upfront and ahead of time.
Just a little something for you to chew on~
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