By Andrea Murad
April 10, 2012
... Be prepared. Lenders generally want to see three to 12 months of a borrower’s paystubs to verify income and employment, one to three years of a borrower’s tax returns and W-2s, and up to 12 months of a borrower’s bank statements to verify assets, says Reed Piano, managing director at the National Association of Mortgage Underwriters.
Self-employed borrowers may be asked for information like business models and projections, for example, showing their business is solid. “More information doesn’t hurt,” he adds. “The underwriter wants all this paperwork so they know who this borrower is.”
Know your home value. Since home prices are highly variable and continue to fall in some markets, lenders want well-supported property valuations. Experts agree that a knowledgeable homeowner can help an appraiser accurately value their home.
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