mortgage processThere are steps that you as a borrower, can take to see that your mortgage process takes place in a timely manner. If you have a standard purchase or re-finance, the loan processors and underwriters can have your loan done efficiently. However, it is up to you to provide all of the documents that they require. Keep your documents organized, easy to read, and give them everything they initially ask for to avoid them having to come back to you. It slows their process down and becomes a hassle for you. The regulations on getting approved for a mortgage loan have changed drastically over the past few years due to the financial crisis, so here are a few things to be prepared for when going through the mortgage process:

  • You will need to submit your most recent W-2’s from the past 2 years. Long-gone are the days of simply stating over the phone that you are employed and you make “x” amount of dollars (which most people used to inflate in order to qualify for a larger loan).
  • Have available your most recent pay stubs covering the past month. This proves that you are currently employed and shows how much you make each month which affects your loan amount.
  • Provide ALL pages of ALL bank and financial statements showing your current assets from the past 30 days. By “all” they mean “all”. The underwriters will come back to you asking to send over the remainder of the pages if they are missing. You are only holding up the process of your loan being approved by not having everything together.
  • If you are self-employed you will need to provide 2 years of tax returns.
  • Having the contact information for your insurance agent available is very helpful and saves the loan processors and underwriters the time of searching for the information.
  • If you will be transferring money between accounts or receiving monetary gifts from someone it is easier if the transactions are done before the 30 day mark of when you need to provide your bank statements. If the underwriters see any deposits coming from a source other than a payroll deposit, the transaction needs to be traced and it can prolong the process.

As long as you have good credit, are in a decent financial situation, and provide what is asked of you, going through the mortgage process can be swift and smooth without any headaches. If you are considering purchasing or re-financing, contact us at: 508-660-8888 or on the web at: I work with several experienced individuals in the mortgage and real-estate fields.