One of the most crucial
aspects of purchasing a home is the financing. Even
for an experienced buyer, choosing the right
mortgage can be a confusing decision with all the
mortgage products available.
The type of mortgage
that is right for you depends on many factors. Your
current financial situation and credit history,
expected change in circumstances or family size,
comfort level with the "risk" of an adjustable
mortgage payment change, length of time you plan to
stay in the home you wish to purchase are all
possible considerations.
The best way to sort
through the options available is to talk with a
mortgage loan officer. Call your bank or mortgage
company to set up an appointment for a loan
pre-qualification or pre-approval. A
pre-qualification is an estimate of the amount of
mortgage you are likely to qualify for. It is not
binding on the financial institution. A pre-approval
is an actual loan commitment prior to a signed
purchase agreement on a specific property. I would
be happy to supply you with a list of mortgage
sources.
Documents Required
For Mortgage Loan Application
Pay stubs for 30 day
period
Installment Loan Balances
Last two years:
Signed Federal Income Tax Returns
W-2 or 1099 forms
Last three months:
Bank Statements
Retirement or IRA Statements
Mutual Funds or Stocks
Copies of:
Sales contract
Homeowners Insurance Information
Leases on property you own
Gift letter and copy of check
Divorce and child support documents
Separation papers
Closing statement on recent property sale
Explanation of:
Source of down payment and closing costs
Late, slow or no payments
If Self-Employed:
Signed copies of last two years' business tax
returns
Year-to-date profit & loss statement
Personal financial statement
Your loan officer
may make additional document requests depending on
mortgage program available and your financial
situation.
