Home Loan Guidance Topics

Keep Your Originals Intact, In Order, and In Your Possession


THROUGHOUT THE LOAN PROCESS, KEEP YOUR ORIGINALS INTACT, IN ORDER, AND IN YOUR POSSESSION. GET COPIES OF ANY DOCUMENTS YOU SIGN, IMMEDIATELY

We know we've said this over and over, but this mortgage loan business is based on paperwork, and you've got to use this to your advantage. No matter what any bank or mortgage broker promises you, don't give up your original paperwork or mess up your organized files. This sounds so simple but the reason is powerful.

You want to be able to easily pick up your files and move right over to another mortgage broker without going through a long drawn-out process. Time and time again, the reason people said they had to deal with one mortgage source was the fact that the loan officer had taken several originals of their important documents like W-2s and tax returns. Let them make photocopies, let them get faxes, but not the originals unless you are already toward the end of your deal and the actual lender's underwriter is demanding it. The mortgage professional doesn't have to have the originals of these items.

The loan officers and mortgage brokers will draw up new paperwork for you such as "Good Faith Agreements" and tons of other paperwork. Maintain control and organization over your pay-stubs and all the other information you've been collecting on your personal profile.

Also, you will have lots of new paperwork to sign like the mortgage application and Good Faith Estimate. While the originals of these new documents will have to go to the bank, make sure you get copies of everything immediately upon signing. We have heard complaints of mortgage sources not providing copies for people in order to "pull one over" on them. Also, you will be able to compare the Good Faith Agreements at home, side-by-side, only when you have a copy to bring home.

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