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Put your financial documents in order

Daily Staff Writer
Bob Kieber
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Financial Facts.By BOB KIEBEROne of the biggest problems I have as a mortgage lender is obtaining personal financial records from potential borrowers. By this I mean that many borrowers just do not have any idea what to do with their pay stubs, bank statements and other important documents. So if you are one of the many people who could care less about balancing your checkbook or placing your federal taxes in a safe, secure place, you need to read on.

First and foremost I suggest that you find a container that is sturdy enough to be picked up, placed in your vehicle and carried into my office. I do not care if it is a large Tupperware container or a beer box. Just make sure that it has a top, bottom and four sides. Then, take a big black magic marker and write on it “MY FINANCES.”Then, when you get paid insert the pay stub in the box. When you file your federal taxes place your copy in the box. When you receive a bank statement place it in the box. The same is true for any retirement account statements, and is especially true if you have a divorce decree or bankruptcy papers.All of these documents may not mean much to you, but to obtain a mortgage it is important to be able to supply all of the documents needed.I also suggest that you do the following things if you are at all serious in buying a home:

Pay your rent, child support and alimony with a check. I say this because many mortgage lenders want to see proof that these bills are being paid and being paid on time. Even if you pay by check, and you have the ability to receive a receipt from the landlord or court, get it and place that receipt in the box.Now after a period of time your box may get full. Depending upon the amount of accounts you have, it may take a long time or a few months. Dig through the items in the box and be sure to save the divorce decree, bankruptcy papers and other important documents. You can toss pay stubs from two years ago.The same is true for federal taxes that are six years old. But keep everything that is not more than six months old.



You now have financial documents in one location, and that will be important when it comes time to apply for a mortgage. When you meet with the mortgage lender take the box with you. Let the mortgage professional dig through the box and pick out the documents he or she needs. This does two things, one, it takes the guess work out of you picking and choosing which documents that you think may be important to the lender. And two, it saves time as you hopefully will not have to waste time going back home to retrieve one or two documents that are needed by the lender.As I tell my clients, I would rather have them bring too many documents than too few. I can look through the box and quickly find what I need, and then we can proceed to getting a mortgage approved.For answers to your mortgage related questions, call BOB KIEBER at (970) 262-1199 or e-mail him at rkieber@comcast.net. Bob is a local mortgage banker and principal of Resort Lending. He has 30-plus years of professional experience in real estate, finance and investments, and is a longtime resident of the High Country.


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