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Tips & Tricks to Save $ on paperwork
Tips & Tricks to Save Money on paperwork
Annette Bui| Updated February 28, 2020 | Mortgage
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
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 canbeatrickyoneifyoudonotkeeprecordsor 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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