Borrowers should expect to fill out a lot of paperwork when applying for a loan, and for good reason. The in-depth inquiries and requests for documentation are an important part of the process. Questions about your income, assets, down payment and more provide a private investor with a good snapshot of financial history and what the borrower intends to do with the loan.
Borrowers and lenders alike want their real estate closing to go smoothly. A snag in the application process can cost precious time and money and cause a great deal of stress, so it’s imperative that the basics about the property are established and clear to all parties involved.