Professionals in the mortgage industry rely heavily on information that you provide. Although burdensome, providing accurate and complete information will prevent unnecessary delays. Despite any previous relationship with your lender, don’t assume they have what they need. The mortgage industry follows a different set of rules and may require a deeper look at your financial profile than had you applied for an auto or credit card loan.
Makes sense? A mortgage loan can be hundreds of times larger than your credit card. The larger the loan, the more your lender will inquire.
The purpose of a mortgage application is to gather data which will be used to assess the probability you will repay the loan – or, the level of risk you pose to the lender. If information is missing the loan officer or processor must follow up and request it from you.
Pretend you are painting a financial picture for your lender. An abstract and undefined scene will raise questions and cause hesitation while a realistic portrait will allow the lender to clearly see the necessary details.
As you paint, remember that each detail of your loan application must be validated through documentation. They won’t believe it unless they see it!