We’ve all used, or at least heard, the expression, “Get your ducks in a row.” Generally it is in the context of organizing so that we are prepared for a meeting or event. Why ducks? And why would ducks need to be in a row? More on that later.
When applying for a mortgage, getting one’s “ducks in a row” makes the process move much more smoothly. One should be sure to keep well-organized personal files with income and asset documentation, so that when the documentation is asked for by the lender, it can be delivered quickly and without much headache. When completing a mortgage application, have the following documents ready to provide to your lender:
· Paystubs covering most recent 30 day period
· W-2 forms for the most recent 2 years
· Tax returns for the most recent 2 years
· Bank statements for the most recent 2 months
· Explanation for any derogatory credit
· Be ready for some additional documentation if you own your own business
Now that you know how to have your “ducks in a row” for a mortgage loan, let’s get back to the ducks. I found quite a few explanations for the “ducks in a row” idiom. One of them is from a newspaper story in 1901 about a game hunter that supposedly killed 42 wild ducks by baiting them with corn in a long galvanized trough and firing just once with a large shot gun. The more likely and less gruesome origin could be the common image of the mother duck leading a straight line of ducklings waddling in a row, one behind the other.
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