Home Buying in Elmont>Question Details

Finding To K…, Home Buyer in Elmont, NY

As an Office we have our own Financial Inst.And been Pre-Approve!Why is Financial Equity, Old Country Rd,asking for w-2,Bankstatement,last 2 paystubs?

Asked by Finding To Know, Elmont, NY Wed Sep 22, 2010

The Realtor showed us a house that was renovated, before we put in a offer, we had to be pre-Qualified by Financial Equity! We was pre-approve by Job Agency and present letter to realitor, why are we giving Financial Equity all our information as if we where using them to purchase the House! How does this effect us getting this Home, if you do not use them! Is this a catch twenty Two!!

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The seller must have dictated that he/she wants every buyer evaluated by a specific lender. This has become much more common place now than before due to many lenders having trouble closing loans. It is normal. You also should have the choice to use whomever you wish unless an incentive is tied to using a specific lender. If you don't cooperate in helping the seller see that you are lendable it could weaken your ability to purchase in the eyes of the seller. Hope that helps.
1 vote Thank Flag Link Fri Sep 24, 2010
Consult with your lawyer, as he/she is your best source of advice--was this property a short sale or bank owned.....were you pre-qualified or pre-approved--they are different--you are free to use whatever lender you wish.
0 votes Thank Flag Link Thu Sep 23, 2010
Not sure why you are required to give that information to another lender. My only thought is the realtor or listing agent wants to be 100% confident that you qualify for a home loan purchase. With that being said...the listing agent/realtor does not have any right to ask for your financial statements, W2s and/or pay stubs. That information should be kept between you and your lender. I would express your frustration and discontent in having to provide information this information and ask for an explanation.
0 votes Thank Flag Link Wed Sep 22, 2010
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