The world of property finance is long and twisting. No two transactions are alike. There may be times when your loan officer asks you for something a week into the process, or something that he/she didnt anticipate needing. A lot of borrowers wonder why the loan officer may need obscure letters of reference or explanation. The simple fact is this. Always remember that the process you the borrower are involved in isnt just asking a friend for 5 bucks for lunch. Someone is lending you hundreds of thousands of dollars, and they want to know if they are going to get it back. So if a request seems obscure or random, just remember, there is a lot of money on the line, and everyone wants things to go well for the duration of the life of the loan.

Since no two mortgage transactions are exactly alike, very often a lender will requre additional supporting documentation that may not be required on another, seemingly similar loan.

If you are going with a traditional 30 year mortgage, then the documents that your lender will request from you will be your last 2 paycheck stubs, your last 2 year W-2's or tax returns, your most recent months statements from all assets you are wanting to show (checking, savings, money market, 401(k), IRA, etc.). This is the basic information that will be asked of you. You may be asked for more depending upon your financial situation. Marty Searing will be more than happy to answer any questions regarding this collection of paperwork.

If you notice your mortgage professional seems to be asking for a lot of paperwork, you are probably applying for what is called a "full doc" loan. Most mortgages are "full doc", because the rates are better than other types, such as "stated income, stated assets" or "no income, no assets".
Full doc loans require documentation to verify items such as income and employment, assets including bank accounts and investments, and credit history.

 

 ++