Q: I am buying my first home in Holmesburg, and I am very excited move into my home next week. I wasn’t excited about mortgage payments until I found out my mortgage will be less than my rent is. Now the mortgage company is asking for numerous documents, which I think are unreasonable, and I am starting to get frustrated. Is there a chance I won’t be able to buy this house if the mortgage company is being this demanding? I’m getting nervous.
A: The best way to secure a mortgage loan is: 1. Never, ever make statements about your income or financial status that are untrue, and 2. Give the mortgage lenders everything they ask for. As long as you follow those two rules and you are mortgage-worthy in the eyes of the lender, then you should be fine.
Sometimes giving the mortgage lender everything they request may be a major inconvenience, especially when the requests seem unreasonable or the requests come in piece-meal. It’s frustrating for me, as a realtor, as well. The requests sometimes seem ridiculous, even to me. There comes a point in the process – toward the end – that every buyer starts to feel this way, every time.
What you have to keep in mind is that the mortgage lenders are not willing to take any risks, due to their recent experience with the multitude of foreclosures. The mortgage underwriter, who is requesting this sky-high pile of documentation, is simply putting together a puzzle. Even the requests that seem unreasonable to you and me are just another piece of the puzzle they need to make homeownership happen for you.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.