It’s funny; there has been plenty of focus over the last several years about how challenging it is to get your mortgage approved. This is surely true in many ways. Especially when compared to the recent past right before things got more difficult.
Remember though, that the period of loose lending that came before and the Alt Doc, No Doc, Easy Score, Quick Qualify and every other name you can think of for little paperwork – big loan was the exception and not the rule. More common was, prove you are good for the money and we will lend it to you.
So now things have swung the other way. It seems like lenders are crawling though your application with a fine toothcomb. It’s true. They are checking and double checking everything:
Confirming your payroll & employment
Reviewing non payroll banking deposits
Checking paystubs for non standard deductions
Actually reading your taxes
Double-checking your W2s with the IRS
Checking your condo association
Confirming your insurance coverage
Validating your property taxes
Any other out of the ordinary stuff
The above may be considered the bad news and could cause delays. However, most of the delays are from clients who complain about the need for the above.
The good news is everyone has easier access to the above documents. A few years ago any request for documents meant a trip to the file cabinet at home at the end of a long workday, or the next day after the request. Then back into the office for a scanner or fax machine. Everything took a couple of days.
Not anymore, now, if you are motivated you can get pdf copies of all of the above in about 30 minutes. Most folks in 2013 have their taxes on their hard drives, their paystubs & bank statements online and can get condo, tax and insurance information emailed within minutes if it’s not available for download.
Look, it is what it is. Fight your mortgage lender about the documents needed and delay your loan or get us they copies that are practically at your fingertips right away. The choice, which is a choice to get approved quickly, is all yours.
