Talk to any banker, lender, mortgage specialist or broker about paperwork and one of their biggest frustrations would be “when clients send me their information in bits and pieces over dozens of emails and faxes”. It’s amazing that everyone needs access to the documents and information associated with a borrower but there is no streamlined system or platform for everyone to use to easily share their information other than email messages, faxes and plain old fashion photocopies.
There are lots of file sharing programs like DropBox, SkyDrive, Google Drive, etc. but none of those easily integrate with a bank or lender. So even clients of mine that give me access to their file sharing folders still wait while I copy their data to the systems we use to prepare our Deal Packages and then go through it all to arrange it the way a bank or lender wants to see it.
Here are some tips that will help you get the right information to the banks, lenders, specialists or brokers that are going to help you with your mortgage or loan:
1. Get a document checklist outlining ALL of the documents you are going to need to provide
2. Clearly label and name your electronic files so that anyone viewing them can immediately see what they are
3. Try not to send your information over dozens of emails, faxes or packages to be picked up
Paperwork is a necessary evil for getting a mortgage or loan but can be less of a burden if you know what you need, how you need it and how it will be presented.
“Forewarned, forearmed; to be prepared is half the victory.” – Miguel de Cervantes
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