Bnk Binder Preparation - original documents or copies only?

[Nir]

Hi All,

When preparing a binder for the meeting at the bank (the 1" binder

Don mentioned in his OUTSTANDING! book), is it OK to provide copies of everything or are you also bringing the originals with you (i.e. original bank statement, original salary letter, etc.).

Cheers,
Neil

 

[mark186]

I take a version of the binder that is copies only and give that to the bank while keeping a copy for myself with originals in case they ask to see them. I always go through the binder page by page with the person and explain everything using the binder of originals as my guide. No one has ever asked to see an original, however, I have a good, longstanding relationship with my bank.
Make certain to remove the originals from the binder once you get home and put them in the appropriate place.

 

[Nir]

Thank you Mark 186.

 

[RobMacdonald]

Copies should do just fine. We have several clients that send the binder to our office, and others that prefer to scan and send by email or e-courier. Most brokers will deal electronically with the lenders, so no need for originals. There may be the odd exception where the bank asks us to verify an original.

 

[Nir]

Thank You Rob for providing GREAT advice on anything related to financing/mortgages!

Regards,
Neil