I'm working with a mortgage broker, they want 5000 documents from me to prove and verify EVERYTHING income, credit history, rental history, employment history, tax information, spending habits, daily bowel movements, ect....then they threaten to report anything they find wrong to the feds
now, I am seriously turned off by this. I know that they need income, bank statements, credit, employment, but how relaxed are credit unions to this?
I want this to be simple, laid back as possible...it's so far a night mare.
The processing of a mortgage loan is not a relaxing process. You can help make it more comfortable if you submit requested documents in a timely manner. Credit history is documented and verified by what's on your credit reports. Income is verified by pay check stubs, W-2 statements and in some cases income tax returns. Cash for closing costs and/or reserves is verified by your bank statements. Other verifications may be requested as you submit documentation. Title work, appraisals, surverys are some of the other documents that will be requested. It is important to find a lender that you feel comfortable with. IMO a CU will ask for the same documents that a mortgage broker will request. There are many on this stie that have gone through the mortgage process and had a happy ending. Good luck.
Based on our experience so far our CU stressed us the most and we've been told it's due to how they operate. CU's are somewhat at the mercy of their members and their guidelines were way more strict than a big bank (haven't dealt with a broker yet but we will be checking them out). Maybe there are some that our mor lax than ours, good luck!
We have been working with a broker .. and he is awesome. He is very thorough and had us provide any and all paperwork to him to get our file ready. Between him and his loan processor they got our file together with anything and everything a lender and UW will want/need to see. It was a hassel to get everything, but it made the UW review go much eaiser and we had VERY few conditions we needed to meet since he provided almost everything upfront in our file the first time around.
The good think about a broker is they work with several different banks/lenders and they will be able to know who best to "shop" your file to for the loan.
Just my 2cents ... since we never even tried the CU route.