Video transcript: Mortgage application
On screen:
Preparing for the paperwork
On screen:
Curt, Mortgage Banker
Curt:
I want to make sure that I get the documentation from you that's needed to move your loan through the process as quickly as possible and then anytime that I ask for something or my processor asks for something, that we get that as fast as we possibly can.
On screen:
Michael, Underwriter
Michael:
And so what were going to do is were going to break everything down to maybe your tax returns to looking at everything on your pay stub and a lot of times there's things that might not make sense to an underwriter but make perfect sense to a borrower and so that's why we might have to reach out and ask additional questions.
On screen:
Types of paperwork
On screen:
Adam & Lisa, homebuyers
Adam:
They're going to ask for your most recent W2 statements for the last couple of years, they're gonna ask for recent pay stubs. The next step they really look for is looking for that liquidity you have to make a down payment so they're gonna ask to see all your current bank statements for the last two months. They're gonna be looking for things in there like, you know, any big transaction that they see they're going to ask you questions about, just to make sure no one's kind of gifted you a bunch of money, you know, to use in the home buying process so you may get questions beyond just turning in those most recent bank statements on, you know, what was this transaction all about. Just being prepared for that and having to be comfortable with disclosing maybe more than you're used to about your finances I think is something that's important to think about ahead of time.
On screen:
Staying organized
On screen:
Brenda, homebuyer
Brenda:
Create a binder for yourself. I had a binder of the homes that I was seeing and kind of checking off what I liked and disliked about those homes. So when I got to the closing process I also had all those documents ready to go so it just became a real seamless, "I need you to do this," and it was like, "Okay here, here you go, here you go, here you go," as opposed to, "Oh my gosh, were did I leave that?"
On screen:
Preparing for the paperwork
- Plan ahead for the paperwork needed
- Keep everything organized and in one place
- Respond quickly to keep the process moving
Learn more about finding and buying a home.