5 Situations You Should Expect When You’re Buying A Home…

One thing that frustrates consumers when they’re going through the loan process is explaining everything in their current life circumstance.

Here are 5 examples you can expect when buying and financing a home:

#1. Let’s say you have three different jobs, and you receive a pay stub from each employer. The lender wants all paystubs from all employment for the last thirty days.

#2. Suppose you have recently used your debit card to purchase concert tickets for your friends so you can all sit together, and they’re reimbursing you with a cash payment.

The lender wants on an explanation of the bank cash deposits.

#3. If you currently rent out a room in your home to a friend and the monthly payment shows in your bank account. The lender wants an explanation.

#4. If when you started the preapproval process and you allowed multiple lenders to pull your credit to receive a mortgage quote. The lender wants an explanation, and they want to confirm you’re only buying and financing one home.

#5. If you are in forbearance, have been in forbearance, or have recently been divorced. The lenders will want all documents and an explanation of the situation.

Whether your life scenario is one of the examples above or many others, all lenders will require you to explain and document the situation.

Being prepared with an explanation and having proper documentation makes a world of difference when you’re going through the loan process.