Paperwork Jungle
Okay, maybe it's not that bad. But it's true that in today's economic climate, your mortgage lender wants to know everything about your recent financial history. Today's complex rules and regulations for lending institutions have created a jungle of paperwork for borrowers.
Follow these tips to help prevent unnecessary anxiety and to stay on the right path to loan approval:
1. Your lender's requests for information are fundamental for the process to occur smoothly. Be honest with your lender. Be timely and accurate in completing all documents.
2. Changes in your financial status between loan application and closing may keep you from obtaining a loan. If you're planning to purchase new appliances, furniture or a new car, wait until after closing. In most cases, borrowing funds or using a credit card advance for your down payment are also taboo.
3. Keep all your financial records accessible up to the day of closing. Don't pack away your tax returns, bank statements or other pertinent information just in case additional data is needed at the last minute.
It's a paperwork jungle out there, but making your way through it can be an exciting adventure with a fabulous destination at the end--your own new home!
Thinking of buying a new home? Call me. My professional expertise can be your guide to a smooth and successful transaction.
Compliments of
Gordon & June Smith
Brokers/Owners
G.J. Smith Realty | 908 East Jackson | Medford Oregon 97504
Office 541-858-9383 / Fax 541-857-9526 | E-mail:gjsmith@mind.net
This article is not intended to provide specific advice, but rather to provide insight into matters that we feel are useful. As always, seek professional advice prior to taking any action.
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