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Blog by Philip Jones

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Waiting For Your Mortgage Loan


     It is not unusual for homebuyers to feel that the lender is being very picky during the loan approval process.  You have provided all kinds of information, and then the lender asks for more.  Although the loan approval process can be tedious, you're not alone - all homebuyers go through it.  It helps to remember that, in one sense, none of this is personal!

     Some lenders have more stringent requirements than others, but every lender requires a substantial amount of documentation on a mortgage loan.  They must verify employment, credit history, and recent financial transactions involving your liquid assets.  If your Visa payment was late, they may ask for a letter explaining why.  If you are self-employed, they will ask for tax returns from at least three years and probably a year-to-date profit and loss statement.  It is not that they don't trust you - their regulations require them to document everything.  And while the loan officer may know that you are a good risk, the underwriters must be able to defend the loan to a federal bank examiner or auditor.