I mean, I’d take a couch-cushion scavenger hunt over the “where did I file my W-2 from 2019” panic attack any day. I hear you though, it’s not *that* bad if you’re organized… which is where I always trip up. My “important docs” folder is basically a black hole. Has anyone ever had a lender actually ask for something super random, like utility bills or gym memberships? Or is that just mortgage urban legend?
I’ve actually had a lender ask for a year’s worth of utility bills once, and I thought they were joking at first. Turns out, it was for a multi-family property and they wanted to see proof of occupancy or something. Never had anyone ask for gym memberships, though—if that ever happens, I’m out. The paperwork chase is real, but honestly, it’s usually just the same stack of stuff: tax returns, pay stubs, bank statements. Every now and then you get a curveball, like a random letter explaining a $200 deposit from three years ago.
I keep telling myself I’ll get organized “next time,” but it’s always a scramble. I don’t think the horror stories are totally urban legend, but they’re rare. Most lenders just want to cover their bases, but some underwriters get creative. If you’ve got your basics in order, you’re probably fine... but yeah, that “important docs” folder is a black hole for me too.
Title: Thinking About Refinancing? Rate & Term Refi Might Save You More Than You Think (Plus a 10-Day Closing Option)
The paperwork chase is real, but honestly, it’s usually just the same stack of stuff: tax returns, pay stubs, bank statements. Every now and then you get a curveball, like a random letter explaining a $200 deposit from three years ago.
That $200 deposit explanation request gets me every time. I swear, I’ve had clients dig up more ancient bank statements than Indiana Jones looking for lost artifacts. The “important docs” folder is always either overflowing or suspiciously empty—never in between.
Honestly, though, you’re right that most of the time it’s just the usual suspects. Lenders are just trying to check their boxes and make sure nothing’s out of place. Every once in a while you get an underwriter who seems to be on a scavenger hunt for the most obscure document possible (I once saw someone asked for proof of pet insurance—no joke).
If you can keep your basics together—tax returns, pay stubs, W-2s—you’re ahead of the game. The rest is just surviving the occasional curveball and resisting the urge to start a bonfire with your paperwork pile... tempting as it may be.
I get where you’re coming from about the paperwork, but I’d argue it’s not *always* just the “usual suspects.” When I refinanced last year, I actually found the process more complicated than the original loan. The lender wanted updated documentation for every little thing—some of it was stuff I hadn’t even thought about in years, like a side gig from two tax returns ago that barely broke even. They even questioned a Venmo transfer from a friend, which felt a bit over the top.
I know lenders have to be thorough, especially with all the regulations these days, but sometimes it feels like the process can get bogged down in details that don’t really impact your financial picture. Keeping the basics together helps, sure, but I still had to dig through old emails and track down paperwork I never thought I’d need again. It’s not just about having your W-2s and pay stubs handy—sometimes you need to be ready for random requests that seem to come out of nowhere.
I will say, though, the 10-day closing option is appealing if you’re organized. But in my experience, unless you’ve got everything perfectly lined up (and maybe a bit of luck with your underwriter), it’s not always as quick or painless as advertised.
Maybe I’m just a little jaded after dealing with a particularly picky lender, but I’d caution anyone considering a refi to expect a few surprises along the way. It’s worth it in the end if you get a better rate, but I wouldn’t call it straightforward every time.
Honestly, I’ve had similar headaches with random paperwork requests—one time they wanted a letter explaining a $200 deposit from my grandma, which felt a bit much. Still, I do think some lenders are way more nitpicky than others. Did you shop around before picking yours, or just go with whoever offered the best rate? I wonder if some of these “surprises” depend on the lender’s internal policies more than the actual regulations.
