The first step in purchasing a home is to get educated about your mortgage choices and to get pre-qualified.
Learn more about Getting your mortgage now so you can be an educated homeowner! Watch the following vendors and then call a reputable mortgage lender. I have provided the names of a couple of mortgage lenders that my past clients have used and have been happy with!
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General Information You May Need to Finalize Your Mortgage Application
Social Security Number
For borrower and co-borrower |
Employment History
Employment for two years; dates and addresses; salary; current pay stubs or W-2 forms |
Check and Savings Accounts and Certificates of Deposits
Location of bank accounts, account numbers and balances; address of bank if out of town and be prepared to provide the last 3 months statements |
Stocks, Bonds, and Investment Accounts
Broker's name and address, description of stocks, bonds, etc. and the last 3 months statements or copies of stock certificates |
Life Insurance Policies
Insurance company, policy number, face amount, cash value, if any |
Retirement Plan
Approximate vested interest value, copy of latest statement |
Automobiles
Make and model of automobiles, their resale value if possible |
Other Assets
Market value of personal and household property |
Liabilities and Other Non-Mortgage Debt
Creditors names, addresses, account numbers, monthly payments, and balances |
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Real Estate Information You May Need to Finalize Your Mortgage Application
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Current Property Information:
If you own real estate
Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances
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You've sold your home but not closed
A copy of the sales contract |
You've sold your home, closed, and will be used for down payment
A copy of the HUD 1 Uniform Settlement Statement |
If you rent
Name, address and phone number of landlords for the past 24 months |
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Property Being Purchased
Purchase sales contract or offer to purchase and all addendums
Furnish contract with original signatures of buyer and seller
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Other Documents That You May Need to Finalize Your Mortgage Application
Gifts to be used to qualify
If a source of your down payment is a gift, provide name, address and relationship of donor. Gift funds will be verified in both the donor and recipient's accounts. |
FHA Financing
Provide evidence of Social Security Number and photo identification |
VA Financing
Provide DD214 and Certificate of Eligibility |
Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications |
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Income Documents That You May Need to Finalize Your Mortgage Application
If Self-employed
Furnish 2 years tax returns, profit and loss statements, both company and personal if separate. Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA. |
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Non-salaried Income
Personal federal income tax returns for the past 2 years, if you have income from:
- Commission
- Overtime
- Bonus
- Partnership
- Rental Property
- Trust
- Notes Receivable
- Interest/Dividends
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Employed in Family Business
Personal federal income tax returns and all schedules (past 2 years) |
Divorced or Separated
Complete executed divorce decree and settlement agreement. Payment history of alimony/child support over the past 12 months, if it is a financial obligation. If you choose to have this be considered as part of your income, be prepared to provide 12 months canceled checks or bank statements reflecting income deposits. |
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Buying a new home is a difficult enough task. How many bedrooms, the right school district, is the back yard big enough to do what we want? A thousand questions. Then, add to the the mysterious world of home finance and searching for the best and lowest interest rates. I meet with nearly all my clients in person to review their financial situation and goals, and then suggest a loan product that will enhance their ability to manage the debt the best way possible and grow wealth as quickly as possible. You see, today a mortgage is no longer just a mortgage, but a financial instrument. A very important financial instrument that can, structured properly, propel one to meet their financial goals more quickly.
Refinancing your current mortgage should also be done with one’s overall financial goals in mind, and should be structured to manage the debt and build wealth as effectively as possible. As a rule of thumb, I like to structure refinances in a falling interest rate market with lender paid closing costs, so that your loan balance remains the same, while you benefit immediately from added monthly savings. If you are tapping into home equity to consolidate debt, for example, then I will prepare for you an Equity Reposition Analysis so that you can see on paper exactly what the monthly savings and added tax savings will be. Sometimes it can make sense to pay the closing costs, and sometimes - although rarely - it makes perfect sense to pay points. What is your situation? Whatever the situation, I am sure it is uniquely your own, and I structure the loan around that.
