Whether you are buying a home in Clearwater Fl or in Paris France, each and every home mortgage lender has their rules for the administrative side of the transition. For the legitimate lenders, the ultimate goal of qualifying a home buyer and determining the appropriate mortgage product is the same. However, each has their respective ways of how they gather and when they gather your pertinent data.
Take for example the lender practice of requesting your tax transcripts. This proof that you filed your income tax and reported legitimate income, etc. is obtained by a third party from the IRS on behalf of the lender. Once sought for only the self-employed, today’s lenders typically require this confirmation for everyone.
But…some lenders request it at the beginning of the mortgage process and others frankly order it a little too close for comfort to the scheduled closing date. Regardless, information found on this report that conflicts with your mortgage application will kick you and your application to the curb pretty fast and/or will delay the closing if you need more time to set things straight.
While I don’t use my mortgage blog too often to promote how well we at TriCounty Mortgage do our job, I am this time! One of the many precautionary steps we take is to order this tax transcript at our own expense at application so our borrowers have a heads up as to what to expect.
While we have to bow to the lender’s wishes for the duration of the transaction, we can at least give ourselves a little insight into potential problems and fix them before they do damage. There is nothing like a pre-emptive strike to keep a deal together.