|
Once you have found the perfect home, you certainly don't want to get bogged down in the mortgage application process. Be prepared ahead?of time by getting the paperwork started.
Missing documents will delay the approval process, so here is a list of some of the most asked for information:
~ Tax information from at least the last 2 years
~ Copies of pay stubs for each co-borrower from at least 2 months
~ Copies of your most recent statements for each and every bank account, stock account, or savings account for each co-borrower
~ Copies of any other assets you may currently hold
~ Information on any new accounts (usually 6 months) opened and the source of income
~ Copy of the cancelled check for earnest money - front and back
~ If someone is helping you with the down payment (gift funds), you will need a paper trail including the deposit slip, a gift letter affidavit and the gift giver will need to provide the most recent bank statement. Gift money is not expected to be repaid.
~ If monies are being reinvested from a previous home, you will need to bring a copy of the listing agreement and sales contract, plus names and contact information of the brokers and/or attorneys involved.
~ If you have opened a new bank or savings account within the last 6 months, bring proof of the source of money.
~ Account numbers and addresses on all creditors
~ Documentation for employment and additional sources of income such as alimony, second jobs, child support
~ If you have ever had a bankruptcy or judgment against you, provide copies of all proceedings, schedules and letters that explain the circumstances and recorded satisfaction of judgments.
~ If you are self-employed, you must usually provide at least 2 years of your business tax returns, profit and loss statements, balance sheets and documentation on business partners.
~ It is a lot of work, preparation is the key. Be sure you are not caught by surprise. Call ahead and ask your loan officer for a full list of what you will need to speed things along.
~ Getting yourself Pre-Approved before you start looking for a home is the single most important step you can take. It allows you to know what you can spend for your new home; it lets you know how much you will need for a down payment; and what your payments will be. In most cases, sellers are not looking at offers when the buyer has not been pre-approved ahead of time.
So do not get caught without having done your homework. In doing so, you will have a much better chance of getting your offer accepted.
|
Who can you call for your Mortgage Needs?
Please call one of our preferred vendors. I have worked with them and I recommend their services. Just tell them Nancy Hankin sent you. |
|
|
Preferred Mortgage Vendors: |
|
Bank of America
Denise Goodman
Office: (760) 773-6900
Fax: (760) 831-5541
denise.goodman@bankofamerica.com
|
|
Lisa Galvin
Sr. Loan Consultant
Franklin Loan Center
Direct: 760-899-8773
eFax 866-577-0334
LGavin@franklinlc.com
|
|
Ken Agee: Sales Manager
Wells Fargo Home Loans
Office: (760) 399-3100
Fax: (877) 302-0265
Cell: (760) 413-4680
kenneth.w.agee@wellsfargo.com
|
|
Lori Gray
Cal Metro Mortgage
(760) 836-0648 Office
(760) 218-0515 Direct Cell
(760) 346-3042 Fax
lgray@metrocitiesmtg
|
|
Ginny Fey
Homestone Mortgage
760-834-3301
http://www.ginnyfey.com
gfey@homestone.com
|
|
|
| 
