What It Takes To Get A Loan
I love all of the great articles of late that explain what is involved in getting a loan. None of this should scare anyone because it is not difficult stuff. At the very least it should teach people to be more organized and to hold onto their tax returns for a number of years.
If you can afford a home you can get a loan. I don’t know about you but providing tax returns, W-2s, paystubs, and bank statements shouldn’t be a problem. Oh, and you have to explain large deposits such as cash deposits into your bank account.
I had a client call me the other day to say that he isn’t looking to shop to find an eighth of a point lower in interest rate or to save a few hundred dollars in closing costs. He wants someone who is going to close his loan. He ended up having to buy 2 properties cash because the previous mortgage person wasn’t going to close the loan in time. He learned the hard way the value in dealing with an expert. As I have always said a couple hundred dollars or an eighth of a point in interest rate won’t change your life but a transaction gone bad could. You get what you pay for in life and if you are looking for the cheapest person out there that might just be the type of advice and service you end up with.
Below is an article from Kiplingers that goes over what is involved in getting a loan. I recommend taking a quick peak at it.