Getting a mortgage is a process, but there are things you can control. And that means pulling together legible copies of all the correct documents needed to submit a loan application so you can save yourself time, money, and stress.
We need to be prepared with whatever the underwriter is going to want whenever it is requested. Period. And this goes beyond the qualification process. I’m talking about anything that could be viewed as a potential obstacle – from counter deposits to your bank account to job changes; I am afraid that the underwriter pretty much considers you guilty until proven innocent.
First of all, I know we’re all theoretically adults here but it must be said: There’s no room for whining, complaining and general grousing. To get a deal done in less than 30 days it is all-hands-on-deck. You need to clear your calendar, be accessible, return calls immediately, and have exactly what is asked for when it’s asked for. There is no margin, there is no tomorrow. We’ve got a lot of moving parts and they all have “stuff” they need to be fed to be kept moving. Literally, if something stalls due to missing pages of a bank statement for example, this line of dominoes is going down. I don’t think I know how to be any clearer.
To that end, there’s a laundry list of details to be obtained about the property, the association, and the subdivision itself; and there is nothing proprietary about any of it. The information needed is clear and pretty easily acquired. We need only look to the condo questionnaire for things like:
•What is the delinquency rate on HOA fees by the existing owners?
A mortgage loan requires substantiation of so many seemingly random bits of proof; but they are ultimately synchronized to meet an objective. Having the data that keeps the flow of detailed communication is not intended to put a buyer through the wringer – it is so they come out on the other side of a deal with the loan product that suits their means.