Mortgage Lenders Don’t Request Unnecessary Documentation

November 06, 2020 by Dan Green

Getting a mortgage approved requires documentation. Embrace it.

When mortgage lenders make loan approvals, they follow checklists known as mortgage guidelines.

Mortgage guidelines are thick — when they’re printed, they can span 1,800 pages — and they cover every aspect of your mortgage approval.

Guidelines define minimum allowable credit scores, maximum allowable loan sizes, and maximum acreage of a property, as examples.

They also dictate the types of verifications a lender might require.

Common verifications include income verification using pay stubs and tax returns; asset verification using bank and investment account statements; and home value verification, which is accomplished via a home appraisal.

Home buyers should always respond quickly when a lender requests for verification. Lenders don’t ask for paperwork that’s not needed, and taking too long to reply can jeopardize your loan.

Documentation requests can seem cumbersome and superfluous at times, but lenders don’t request paperwork they don’t need to approve your loan. Their requests are governed by mortgage guidelines.

A lender’s just checking boxes to get you the loan you need.

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