Being a mortgage broker - I am the conduit between you (the borrower) and the mortgage company (the lender).
One of the benefits of using a savvy loan guy such as myself versus walking into Chase Bank - is the fact my team and I are approved with 25 different lending institutions - and have access to all different types of lending programs at wholesale rates and fees.
If you walk into Chase, Bank of America, San Diego County Credit Union, Navy Federal, Mission Federal, and the like - you are a retail client.
When you work with me - I take your loans straight to wholesale mortgage companies - and, based on your credit profile can pick and choose between the lowest rates and fees.
Chances are - you've never heard of the wholesale lending institutions I work with - such as: Bay Equity, Endeavor America, and Essex Mortgage.
Even though I have access to literally hundreds of different types of loans - the needed loan documents borrowers (you) need to supply myself all remain basically the same for most transactions.
I also like to get these supporting documents from borrowers as soon as we fill out a loan application and I run your credit - so we can run you through our cutting edge automated system to see which programs and lenders are specifically designed for you and your credit profile.
Blog Post Interrupt – How to Make a “Low Ball” Offer
Here's the steps:
- Fill out loan application
- Run credit
- Get supporting documents
Let's run through these documents now - and all of these are copies and don't needed originals:
- Drivers license
- Social security card
- Most recent 1 month worth of paycheck stubs
- Most recent 2 years of your W2 from your employer
- Most recent 2 years of your tax returns
- Most recent 2 months worth of bank statements
- Most recent statements for any accounts such as: pension, social security, disability, dividend earnings, bonuses, child support, alimony, security accounts (stocks, bonds, etc)
- Completed and signed 4506-T or 4506T-EZ (I get these to you)
- If you're self employed - year to date profit and loss statement - plus signed 2 years tax returns including all schedules
- Latest payment stub on any: home loan, car loan, student loan, credit cards, etc.
If you've done this before - this list should look familiar.
If you haven't - you might be looking at this list and feel overwhelmed or turned off - don't.
Instead of saying things like "why do I have to do this?"
Or "Do I REALLY need to supply my old bank statement?"
Instead, think of it from the lenders perspective - or, challenge yourself to supply absolutely everything needed from the start - so, you can get your loan approved faster, at a better rate, and cheaper.
Think about this for a second from the lenders side.
Would they rather work with a potential borrower who supplies them EVERYTHING they need -
...or, one that fights them for every document?
As I've mentioned in previous messages - I have been approved for over 60 mortgage loans for my own personal properties over the years.
Some were for purchases, some were for refinances, some were for HELOC's.
As a matter of fact - I've never been turned down - EVER.
The reason is - I supply the lenders everything they need right from the start - and, by doing this they know they're working with a serious borrower who intends to pay them back.
What about you - are you serious about getting the best loan, at the lowest rate, with the cheapest fees?
I would love to hear what you think.
Leave a comment below - or, call or text me at (760) 297-4539
Your Mortgage Documents Insider,
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