5 Ways to Prevent Yourself from Getting Put Through the Ringer By Your Lender
In my experience, one of the most nerve-wracking things for my clients in the homebuying process has got to be the stuff the lender can put you through. In my seven years selling homes, I've seen the banks go from totally relaxed and ask for minimal documentation (not good, and which partially led to the financial mess) to the pendulum swinging the opposite way and homebuyers practically getting asked for their middle school algebra grades along with a blood sample.
asking for every
The good thing about being a homebuyer on the peninsula in the Burlingame, Hillsborough, and San Mateo areas is that you likely have a strong down payment, excellent credit, strong income, and excellent work history...basically you're a dream borrower for a bank.
what you can do to prepare:
If you're working ask your lender what is every conceivable type of document the lender could ask for, even if they don't think it may be necessary, still get it ready.
mortgage broker - killer rate but not as much control; advantage though if appraisal or qualification issue to quickly switch to another lender
direct lender - most loan officers have the same control since they send the loan package to the underwriter but don't work with the underwriting department directly; the best loan officers in the private wealth management divisions (still accessible to the public) can underwrite loans themselves which takes an enormous amount of anxiety out of the process since they can tell you with a much greater degree of certainty in the beginning of the process if you'll be approved because they've personally reviewed your information