How to Create The Perfect Loan File - Baird & Warner

How to Create The Perfect Loan File

In the post-crisis housing market, mortgage lenders have thorough guidelines to check the accuracy of the information provided by the potential borrower. While these extra safeguards may initially seem like they would slow down the lending process, those applying for the loan shouldn’t see any lag time as long as they are prepared to reveal every aspect of their financial background.

“The best piece of advice I give to our clients is to remain completely transparent, and remember that your loan officer has your best interests in mind,” said Steve DiMarco, president of Key Mortgage Services, Inc. “We have many ways to confirm and reconfirm all of the information you share with us, but unfortunately some borrowers still try to hide things that they think will negatively affect their loan. The problem is that this can seriously delay the process and even change how much they can borrow.”

Here are a few tips to help ensure a stress-free loan experience:

  • Give all requested information and documents to your loan officer in a timely manner.
  • Keep your loan file current with the most recent copies of your pay stubs and bank statements.
  • Be prepared to have several credit checks all the way up to the closing date.
  • Expect to answer many questions about your employment history, investments, salary information, retirement planning, credit card debt, etc.
  • Be open and honest with all aspects of your financial situation, even if you think it doesn’t matter or won’t affect your loan.
  • If you have ANY questions, just ask your loan officer.

For more information, please contact a Key Mortgage loan officer.

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