Tuesday, August 12, 2014

Ducks in a Row

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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