Everybody is impacted if you don’t fulfill your end of the bargain in providing what’s needed to the lender for the loan that you are applying for.
This means you must be willing to surrender and give up control. Unfortunately, there’s no easy way to say it. When you’re applying for a mortgage loan the lender is the one deciding whether they’re going to lend you $500,000 for example or whatever your desired loan amount is. That means if you want the money that you’ve requested to borrow you have to play ball by their rules. There’s no ands or buts about it, it’s just what it is.
It would be advisable to get any needed items to the lender first, then ask questions. Refusing to provide documentation lender wants to help you, having half an hour conversation about why the bank needs a certain piece of documentation will slow down your loan process. It is much faster to provide the documentation the lender needs, keeping your file moving and following up with “why” later.
Being resistant to providing documentation to the lender in a timely manner ultimately is doing yourself an injustice because it might mean you having to pay for a rate lock extension or a purchase contract. Do yourself a financial favor and always make sure when the lender requests more documentation, just provide it. “Ok, what else can I provide you” is the magic words that will make your process much easier.
Scott Sheldon is a local mortgage lender, with a decade of experience helping consumers purchase and refinance primary homes second homes and investment properties. Learn more at www.sonomacountymortgages.com.