Many people ask me why I need so much personal information when taking a loan application. The obvious reason is so that we can make sure the person is a good credit risk for the bank.
Two things to keep in mind:
1. If you can prove that you don't need the banks money, they will give you as much as you want. (that is the funny thing about banks).
2. You only need to provide enough information to qualify for your loan. Specifically, you don't need to disclose EVERY asset that you have, or every account. All we need to verify is money for down payment, closing costs, pre-paid items (such as escrows), and reserves.
I hope that helps clarify what can be a sensitive area for borrowers.
Make it a great day!
Anthony Kirlew
www.AnthonyKirlew.com
1-800-453-9290 - 24 hour voice mail
No comments:
Post a Comment