Buying and owning a house is fun and part of everyone’s dream. Getting the financing to pay for the house is the boring part. I can still remember going with my parents to visit the local bank as a kid. I could not wait for it to be over so that I could get out of the bank and have some fun. What makes the mortgage experience unpleasant is waiting for the mortgage approval. Not knowing whether you will be approved by your bank for the house you just bought is stressful. Then, once the mortgage is approved, the number of mortgage supporting documents that are requested from you feels like your privacy is being invaded. You feel like you’re one step away from having to disclose your DNA.
Lenders have regulatory requirements to meet. They need to make sure you can pay for your mortgage, so it is fair for them to request documents from borrowers. However, it is more likely the way that the documents are requested that irritates borrowers. Often lenders don’t educate borrowers on what is expected from them. They request documents in a drip-drip fashion. Although it would be much easier to receive the whole list of documents up-front.
Mortgage Rules Changes
It is important to understand how many of the mortgage rule changes since 2008 have impacted document requirements. Prior to 2008, it was easy to get a mortgage and a lot less documents were required from borrowers. Conversely, today it is harder to qualify for a mortgage and many more documents are required.
We at Mortgage Allies want you to enjoy a pleasant client mortgage experience. We’d like to ensure that your mortgage closes on time. The key to this is in the way we manage the supporting documents we need from our clients. We set the expectations up front with a full mortgage supporting documents list and request all of the most critical documents from our clients up-front too.
To help you understand which mortgage supporting documents you’ll need when applying for a mortgage with Mortgage Allies. We’ve compiled a list according to your circumstances below:
Common Mortgage Supporting Documents Documents Required from all Borrowers:
1. Income Documents
2. Documents Specific to a Property Purchase
3. Documents Specific to a Property Sale & Purchase
4. Documents for a Refinance
5. Documents for a Switch
The list of documents for each one of the above 6 categories are so extensive. We will be breaking down the mortgage supporting documents list for each category in separate articles.
Stay tuned for our next article or contact us today to schedule an appointment.