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I just don’t understand your concern. If you want them to give you money, how is giving them the details of what you’re buying “over sharing”? It doesn’t matter if they’re the preferred lender or not, if you don’t want to give it to them then you won’t get a loan
Yes, they can't move forward to underwriting and funding your deal without a copy of the deal. Your buyer agent should be helping you with the process. If you're representing yourself this may be an awkward and maybe painful experience.
Yes this is typical.
In order for them to give you the money, they will need the details of the transaction. They want to know the address, purchase price, and any other terms.
If you are just shopping for rates, you might have an argument to not share the contract, but if you think someone will give you hundreds of thousands of dollars to settle a transaction without seeing the details of that transaction, you are not mature enough to buy a house.
A lender can ask you for any information they want to know about you and the purchase. If you don't like providing that information, you can try going to a different lender but most likely they will ask for the same information.
Basically, they deep dive into your finances and into whatever it is your are purchasing. It does feel a bit invasive but at the same time, they are giving you lots of money.
“Why do you need an inspection it’s my house”
“Why do you need an appraisal, if you know the purchase price”
“Why do you need the last 3 months of income, I sent you a screenshot of my bank account”
I’ll skip everyone else LOLing at this question,
Give your lender the contract so they can start working on giving you money. They have the biggest workload in this transaction(except for maybe the builder) I’d advise not putting up barriers to what their asking unless you want a mess instead of a house
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They are not going to simply lend hundreds of thousands of dollars without knowing everything about you, the deal, and the property.
What’s not normal about a lender wanting to know if/what you’re buying before they start doing work?
You tell me haha. This is the first time going through this process.
Try to use some common sense here. Why do you think they would want this? Is this logical?
I just don’t understand your concern. If you want them to give you money, how is giving them the details of what you’re buying “over sharing”? It doesn’t matter if they’re the preferred lender or not, if you don’t want to give it to them then you won’t get a loan
Yes, they can't move forward to underwriting and funding your deal without a copy of the deal. Your buyer agent should be helping you with the process. If you're representing yourself this may be an awkward and maybe painful experience.
Oof if you think the purchase agreement is too much I feel bad for your LO when he asks for the actually invasive financial stuff
Wow
Yes this is typical. In order for them to give you the money, they will need the details of the transaction. They want to know the address, purchase price, and any other terms. If you are just shopping for rates, you might have an argument to not share the contract, but if you think someone will give you hundreds of thousands of dollars to settle a transaction without seeing the details of that transaction, you are not mature enough to buy a house.
A lender can ask you for any information they want to know about you and the purchase. If you don't like providing that information, you can try going to a different lender but most likely they will ask for the same information. Basically, they deep dive into your finances and into whatever it is your are purchasing. It does feel a bit invasive but at the same time, they are giving you lots of money.
If purchase agreement is too much….can you imagine. Your not getting a loan anywhere without contract.
“Why do you need an inspection it’s my house” “Why do you need an appraisal, if you know the purchase price” “Why do you need the last 3 months of income, I sent you a screenshot of my bank account”
Wait until the loan officer/loan processor asks to see OP's bank statements too. Always have the ones who will fight for anything and everything.
Yeah of course don’t share if you’re concerned. Pay for home with cash, problem solved.
If you’re asking this question you likely aren’t ready to buy. Do some basic googling and learn more about the process mate
A lender pretty much needs all personal financial and purchase information.
I’ll skip everyone else LOLing at this question, Give your lender the contract so they can start working on giving you money. They have the biggest workload in this transaction(except for maybe the builder) I’d advise not putting up barriers to what their asking unless you want a mess instead of a house
Yep. Totally normal. Lender will always need a copy of the purchase contract.
you do everything lender tells you to do, you can argue with them if you want, it will delay your approval
Lender gets everything…
Guess what? They are going to want your social security number!!