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Tips & Tricks to Save $ on paperwork

Tips & Tricks to Save Money on paperwork

Annette Bui| Updated February 28, 2020 | Mortgage Programs 101

Everyone knows the loan process requires an abundance of paperwork. One of the things to keep in mind to make sure this is seamless is by keeping these tips and tricks in mind.

The tip to saving out of pocket costs when you send documentation to your lender is to go to a local library. They typically have services where you can scan the documents into a scanner and email them to yourself and your lender. I highly recommend calling the front desk at the library to verify they can do this and they can walk you through the process. It is usually free depending on the location instead of paying up to 10 cents per page at Kinko's.

Tax Returns-I find many clients have issues sending a large 30-40 page document over. For those who are not technology savvy, the best way to go around this is to have your CPA fax or email this directly to your agent. Make sure all pages and all schedules are included to save you time.

Bank statements-most banking institutions will fax statements or email them to your lender at no charge. This keeps you from having to make a trip to the local Kinko's and saves more time. Always be sure to include all pages front, back and blank.

Remember, the fewer transfer and deposits the better in the most recent two months leading up to getting a purchase contract or initiating a refinance. Any deposits combined between checks and cash in one transaction will need to be sourced. If you make deposits, try to keep the checks separate from the cash deposits.

Lenders will want to show copies of cancelled checks or receipts to source any large deposits typically $1,000 or higher or if the amount if 5% of your monthly gross income, whichever is higher.

Pay stubs-be prepared to periodically send more pay stubs from when you start the process or get into a purchase contract until when the loan funds.

W2's-this can be a tricky one if you do not keep records or cannot locate all of them. Oftentimes you will need to contact human resources department and have them send it to your lender.


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