Home buying process part 10

Comply With Lender Requirements

Your loan file is huge. It contains your loan application, credit report, last two years of tax returns, payroll stubs, W2s, copies of bank statements and other financial documents, in addition to state- and federal-mandated forms.

  • Lenders may ask for additional information. Do not balk or complain. They don’t write all of the rules, underwriting has the last word. It could be the difference between getting the loan or not getting the loan.
  • Do not make home buying mistakes such as altering your financial situation while in escrow. Please do not make any major purchases or acquire any additional debt. It can stop you from buying a home.
  • When the file is complete, the lender will submit it for final underwriter approval. Being in underwriting is nerve-wracking and frustrating, especially when it takes longer than 24 hours, but it could take a week.

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