What type of items do most mortgage brokers want to see? So far, I have spoken to a couple and they want 2-3 years of W2s, bank statements, savings accounts, any retirement savings plans, pay stubs, etc. Then they pull all three credit reports on top of this. I feel uneasy about giving out so much personal information. Is this normal? And this is probably a silly question, but do they keep copies of all this and for how long? Thanks in advance. Dani
Dani, the first thing I did was get a GFE (good faith esitmate) this only involved pulling one report from Equifax, I sent no other info at all, I would first get a GFE from someone you feel confortable with, when getting a GFE if they ask for the above things first, then hang up and try somebody else, or if they want to charge you for report, hang up move to the next one. Also after the intial credit pull, I did send him w2 and current paystubs and then received my loan papers, but of course by this point I had decided to go with them.
Mom, The lady I spoke with today was recommended by my grandmother (she's a friend). I called her and spoke to her. She gave me a prequalification on what we could basically afford and then wanted hubby and I to come in on Saturday to meet with her (bringing the above documents). She also requested $50 for the credit check. My grandmother (who is a realtor) gave me the GFE, but are they different? I feel like I'm getting way over my head now. Thanks. Dani
Hi...Don (the broker man, LOL) fist had me send him copies of my credit reports so then he could give me a really good idea of whether now was the time to proceed. Once we figured out options, we sent him info in a packet including application, savings account (2 months), statement from a tiny annuity I have (I mean tiny), and 2 months paychecks. I never sent any more than that...except for forms like the app and I gave them permission to pull my tax forms if they chose to but that was near the closing time. I did pay $45 for credit reports when we got serious. Hang in there, Dani..it has to be great to have a grandma (a NANA!!! ) who can help like that!
It does feel like that, Dani..it's common if my experience is anything to base it on. Oh, and I did have to send proof of funding for the down payment, copies of my driver's license and SS card..but that was all after the initial pre-approval.
