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I am curious. My last and recent mortgage was surprisingly simple. I had to submit two paystubs and bank account statements. That was it. I didn't have to submit a tax return or anything else. Of course I had to fill out the disclosures, application etc. I own my own business in addition to having a "steady job" but no one asked me a single thing about that. In fact, the lender said she was "ignoring" that as it would complicate things and I had enough with the "steady job" to qualify. I also put down a sizable down payment.
This is a large national lender, and I have had a mortgage with them previously. I got an excellent rate and "deal". I am not complaining, but all the way to closing I was worried they had missed something as I had very little to give on my side. This has not been my experience in the past. I made a major purchase out of necessity a month before closing, had one bank account triple in value, and no one said anything.
I am curious. My last and recent mortgage was surprisingly simple. I had to submit two paystubs and bank account statements. That was it. I didn't have to submit a tax return or anything else. Of course I had to fill out the disclosures, application etc. I own my own business in addition to having a "steady job" but no one asked me a single thing about that. In fact, the lender said she was "ignoring" that as it would complicate things and I had enough with the "steady job" to qualify. I also put down a sizable down payment.
This is a large national lender, and I have had a mortgage with them previously. I got an excellent rate and "deal". I am not complaining, but all the way to closing I was worried they had missed something as I had very little to give on my side. This has not been my experience in the past. I made a major purchase out of necessity a month before closing, had one bank account triple in value, and no one said anything.
I am curious. My last and recent mortgage was surprisingly simple. I had to submit two paystubs and bank account statements. That was it. I didn't have to submit a tax return or anything else. Of course I had to fill out the disclosures, application etc. I own my own business in addition to having a "steady job" but no one asked me a single thing about that. In fact, the lender said she was "ignoring" that as it would complicate things and I had enough with the "steady job" to qualify. I also put down a sizable down payment.
This is a large national lender, and I have had a mortgage with them previously. I got an excellent rate and "deal". I am not complaining, but all the way to closing I was worried they had missed something as I had very little to give on my side. This has not been my experience in the past. I made a major purchase out of necessity a month before closing, had one bank account triple in value, and no one said anything.
Is this the way its going now?
Maybe you signed a disclosure that allowed them to pull your tax returns directly from the IRS. I'm in the process right now and like you only sent bank/retirement statements and two pay stubs. The rest they are pulling themselves. They were also able to get my different credit card accounts and remaining balance (prob from credit report?).
I would say a good a good many of today's borrowers experience super smooth approval. But, if you changed jobs, your funds are coming from multiple directions, you are counting on spousal support, have low credit scores, or you own multiple rental properties, you won't be in the smooth and easy.
For the OP, did the lender ask for updated bank statements? If not, what's not in the file, doest require explanation (maybe the loan officer never put your statement in the file). A bank account tripling is all relative. For someone that works for minimum wage, a bank balance going from $1000 to $3000 is a big deal, but if you are salaried and making 72K or more, no questions will be asked (in most cases).
For the OP's large pre-purchase, was it cash or credit? If credit, did you tell your loan officer? Was the debt on your application you signed at closing? If you paid cash, again, that statement showing cash going in, then back out, was likely never turned in.
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