Basically - If you are comfortable with the loan officer and the program, that is great and the most important thing.
Sorry - I do not mean to cause more questions - Just want to provide you with some things to think about. I am a native Northern California Gal - From Sacamento with many relatives in the Bay Area - I suppose I am looking our for a fellow Californian! (big smile) -
In light of the current finance and credit enviornment, lenders are looking at what they consider "layers of risk". As the result, borrowers are required to provide detailed documentation with regard to these layers; Job Time, Income, Assets, Credit, etc. The new guidelines are mandated by the Federal Lending Guidelines, Fannie, Freddie and FHA - Conforming and FHA loan have always followed these guidelines, however since the market turn, the guideline have tightened.
When you got your loan 7 months ago, guidelines were still pretty lenient for A+ borrowers often times waiving W2 income and asset verification and simply relying upon a strong credit score with low debt to income and other strong borrower characteristics. I hope you have found this helpful - Good Luck
Having said that, someone else said find a TRUSTWORTHY lender. Please, do. I prefer you not use loan brokers, but a direct lender... ideally one referred by your agent who has seen them close MANY deals.
It is not uncommon these days to ask for:
w'2's past two years
Tax returns past two years
bank Statements and any other asset accounts you have. (401K, mutual funds, etc.)
As far as reliability, check with your local Better Business Bureau. Google the broker-sometimes you will be amazed at what you find out about people or companies!
2) new guidelines are stringent and if you having to confirm your assets to obtain the loan, and are disclosing your 401k as part of that process, then documentation will probably be required;
3) if you are working with anyone other than a lender that was referred to you, then get a second opinion before releasing such sensitive information;
4) BetterBusinessBureau can be a resource; also your local Chamber of Commerce
These days lenders need all the information they can get regarding your credit history and stability.
I like to use a loan officer at Bank of America., 2020 Willow Pass Rd., Concord. This way you do not have to worry about checking on the reliability and reputation of the lender.
If you would like a "second opinion" and to contact her...email me.
I did go through Lending Tree a couple of months ago and a lender that responded was able to give me a good faith estimate based on some very rudimentary information I exchanged via email. Absolutely no financial paperwork was sent over to this lender before or after I received his good faith estimate.
I've spoken and exchanged emails with both, but am still trying to get a feel for both, whether or not I can work with and trust both of them. I'm barely into the second week since I first contacted the realtor, and even then we've only exchanged a few emails and a couple of quick phone calls due to my work schedule. Same with her referred lender.
Just doing my homework at this point before I start emailing and faxing my private information. Cn't be too cautious with that nowadays.
Again, many thanks!!!
I have checked the BBB and Googled the mortgage broker and they seem reputable enough. I even checked to see if their license was current and active at http://www.citytowninfo.com/cti/mortgage-lender-licensing.shtml.
I've made no commitments yet as I've barely started the process. I am indeed mulling over the choice of going with a direct lender instead of a broker. The one in question right now is offering me a reasonable deal if he sticks with his first and current offer of $395 for his total service fee.
But here's another thing I just found out. While the realtor works for one of the really large and popular realty companies here in the West coast (CA, NV, and TX), I just saw that her office shares the same street address (no suite #) as the lender she referred me to. I was warned by another realtor to be cautious about situations wherein the agent, lender, and/or the appraiser were all in the same address as that was *sometimes* a sign that something fishy may be going on.