When you submit your loan application to your lender for review, your loan is forwarded to an underwriter whose job it is to make certain your application complies with existing lending guidelines. Underwriters don't make suggestions or tell you how to qualify; their job is to show evidence of compliance to lending guidelines. If you don't qualify with five percent down the underwriter won't tell you to put more money down; that's not their job.
Underwriters review what's in front of them, nothing more and nothing less. If your application says you make $5,000 per month then the underwriter will look for independent evidence that you indeed make $5,000. If you're self employed the underwriter will review your past tax returns to show evidence of not only self employment but also how much money you make or don't make.
If your application shows a bank account with $20,000 in it, the underwriter wants to see bank statements... all pages. But what if your application also shows not just the bank account with $20,000 but you also listed your retirement accounts, the cash value you have in your insurance policy and the account balances of investments you own.
Let's also say that your retirement account has $10,000, your life insurance has a current value of $5,000 and investments tally another $15,000. But let's also say that you only need คอนโดมือสอง กรุงเทพ $20,000 to close on your deal. You don't need to document your retirement, insurance and investment accounts, right? After all, you don't need them to qualify.
Wrong. Whatever you put on your application, the underwriter will need to verify it. If you show an insurance policy as an asset then be prepared to provide the documentation with evidence of your current value. Expect to do the very same with your retirement and investment accounts. Whatever you put on your application, be prepared to document the entry. If it's on the application, you've got some more work to do.
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