Centers And Squares
Welcome to Centers and Squares
As a Cambridge real estate agent, the city squares of Cambridge, Somerville and Medford and the town centers of Arlington, Watertown and Belmont, Massachusetts are my home turf. And as a lifelong New Englander who’s lived within twenty miles of Boston most of my life, I can introduce you to other nearby towns as we search for your new home. If you’re planning to sell your home in Cambridge, MA or nearby you’ll find plenty of info about the home selling process here too. Questions? Send me an email or call me at 617-504-1737.
When Your Lender Says Jump…
… You say “how high?”
And then you do what you’re told and answer what’s asked.
There’s no doubt about it – getting a mortgage isn’t an easy process. That’s certainly true nowadays. In fact it’s always been true – aside from applying for the no-doc loans of yore you’ve always had to provide plenty of documentation to get a mortgage.
Think about it – the bank is lending you 100s of thousands of dollars – often many 100s of thousands. No matter how entitled you feel to that loan, how stellar your credit is, how large your bank account, or how long you’ve been paying the mortgage on the property you want to refinance – the bank is going to need to thoroughly document your current finances and your financial track record.
Lately I’ve been hearing from many lenders that they’re getting lots of push back from potential borrowers. Borrowers get aggravated when they’re asked for documentation or they fail to turn in necessary forms and documentation on a timely basis.
This is not what you want to do if you want a mortgage.
Your lender has to jump through far more hoops nowadays in order to get your loan approved. Underwriters are more reluctant to sign off on things, appraisals are problematic (topic for another post!), regulations change frequently – and the changes almost always make things even more difficult.
So when your lender asks you for documentation get him or her what is asked for – quickly. When you’re asked to sign and return documents do so – quickly.
Organize your records. Don’t bring piles of papers to your lender and expect him or her to organize your paperwork. Go through the list of what’s been requested and put together your papers in an orderly fashion. Spend as much time and care on this as you would a job application or a tax audit.
Documents that your lender will ask for may include:
- Tax returns
- W2 forms
- Pay stubs
- Bank statements
- Canceled rent checks that show punctual payments
Your lender needs to verify your income, assets and debts. Be prepared to document the source of all deposits into your accounts that appear on your bank statements. You’ll need information about all of your investments. Unless you’ve been employed at one job for a number of years you may be asked to provide explanations about job changes, etc. If you’re starting a new job you usually have to have received a paycheck before you can get a loan. If you don’t have a credit history in the US be prepared to be asked for alternative evidence of payments to creditors.
Your lender will tell you what’s needed. Get what’s asked for as quickly as you can and you’ll be that much closer to moving into your new home or getting that amazingly low interest rate when you refinance.
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