I have found that many buyers don't know what they need to bring when they go to for a loan aplication. This not only for the first time buyer but many other buyers forget what they need and this slows down the process. I give them the information below to help them.
This is the information that is need for your loan application:
Do buyers know what they need to bring for their loan aplication?
13 comments • Robert Calistri - The Auction Specialist • September 17 2008 08:29AMComments
This blog does not allow anonymous comments
Post © 2009 Robert Calistri - The Auction Specialist (Real Estate Auctions, llc). Design © 2009 ActiveRain Corp.
Logos and service marks owned by copyright holder.
Wow, I have not seen my social security card for twenty or more years. What if I cannot find it, is there an alternative to actually having my ss card or should I order a new one from the SS department. Thanks for your blog and the list. JC in Vegas
Think you need to get a copy.
This is good information for prospective borrowers.
Robert - Great reminder for agents. Unfortunately the problem why buyers don't know what to bring to the loan application is because their agent A) haven't told them B) doesn't know. I can not tell you how many agents I have come across that haven't a clue what to do after the sale nor do they have a system in place to complete a transaction.
You are right. We have a lot of new agents and no one has taken the time to educated them on a lot of thinks that they need to know. They learn the hard way.
BOB
Excellent.
I will provide this checklist to my buyer clients well ahead of time so that they are prepared to do business.
Kind Regards,
Manolis
Hope it helps That's what this site is about.
bob
My experience is that most buyers who are serious are very responsive to the needs of the lender. Thanks for the list!
The key is that if they don't bring this info they will delay their application. Faster is better for us Realtors.
Bob
I do tell my buyers what is needed. However its up to them to remember to bring with them when they meet with the loan officer. Some of the first time home buyers just don't get how important it is once we've made the offer that time is of essence. So if I have the opportunity I will tell them over the phone before we meet what they will need to make the transaction go smoothly.
Go News that's what needs to be done.
Bob
Actually, I was told that even though FHA has the request that borrowers identity is required we are not allowed to require Drivers license or social...this can be verified with a pay stub. BUT we have Rapid Reporting thing that if it fails I have to get it any ways to verify they are who they say they are. Big pain in the butt!!! The upfront appraisal fee use to be a thing of the past and I used to have people go somewhere else because I was collecting a fee. It didn't help that the agent would refer them to someone who didn't collect up front fees, now that person is out of business.
If the borrower does not come prepared to the meeting I express that A) I cannot give a pre-qual letter for the deal they have to write on B) the file will not go into processing without these items. I also take it a step further to send them everything they are missing with a date within 2 days and then I copy that, pop it in my calendar to follow up in two days to make sure that they are ready to send it. So far it is working!!! Great post!
Now we can see the importance of getting it right the first time.
Bob