Chat about Macomb County MI real estate & Homes for sale search site

Macomb County MI Real estate

Macomb County MI real estate blog

Helpful tip for Macomb County MI home buyers – start a paper trail!

February 27th, 2012 · No Comments · mortgages in michigan, tips for home buyers

Ask anyone who has applied for a mortgage recently about the process and I’m sure one of the first things that is mentioned is “Oh my gosh, the lender wanted everything you can think of!”   I always smile when I hear these comments coming from my buyer clients, because even though I’ve told them that the process is more lengthy and can feel intrusive, they don’t “get it” until the list of items needed from the lender is given to them.

The best way that buyers can be prepared and proactive before house hunting and applying for a mortgage is this:  Start a paper trail. If any financial transaction (deposits, withdrawals, paychecks, etc) has a piece of paper (or electronic trail) then keep it.  File it away, and don’t shred or destroy any documents that are less than 1 year old.

Along with the normal requests (paystubs, last couple of years of W-2s and tax returns, bank statements) you may be asked to provide a gift letter if your down payment is a gift from a family member, or have to explain the larger than normal deposit in your checking account, etc.

Don’t throw away anything that has a paper trail in the year leading up to applying for your mortgage.  It never fails that just as you’ve shredded something or thrown something away that your mortgage lender will ask for it.  It’s much easier to pull it out of your file then it is to go back and try to get it from the source again.

Kris Wales – a partner for your real estate needs in Macomb County MI
SEARCH Macomb County homes for sale

Tags: ·

0 responses so far ↓

  • There are no comments yet...Kick things off by filling out the form below.

Leave a Comment

Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.