1) Get your documents & finances in order.

 

You should start with reviewing your credit report. Your credit report will be used by your prospective lender as a measure of how you manage your finances. Good credit gets you better rates and a stronger negotiating position for terms. Most people are surprised at their report's contents because errors in reporting are common. Now is the time to clean them up. Click HERE for information on how to do this.

 

Be prepared to provide the following information (Not all loans will require all of the following):

 

• A copy of two recent pay stubs and your two most recent W2's (If you are self-employed, you will need two years of tax returns and a YTD profit and loss statement.)

• A copy of your current mortgage statement

• Verification of any additional income

• A copy of your homeowner's insurance policy

• A copy of your deed

• Current loan provider information

• Title information

• Tax verification information

• Previous property assessments, if applicable

• Letter from employer including date of hire, position, salary and YTD earnings

• Current value of your home

• Outstanding loan amounts

• Three months of bank statements for each bank, IRA/401K, stock and mutual fund account

• Co-borrower information

• If you own rental property, provide copies of the rental agreements and two years of tax returns.

• A copy of divorce decree if applicable

• If you are not a US citizen, provide a copy of your green card (both sides).

• If you are not a permanent resident, provide a copy of your H1 or L1 visa.

 

2) Get pre-approved to determine how much you can borrow.

 

In order to determine how much you can borrow, and therefore, how much home you can afford, get a pre-approval.  Pre-approval verifies your income, credit and debts. Many sellers will only consider an offer if a pre-approval is provided, or will, at the least, give preference to an offer with a pre-approval over one without.

 

 

3) Work with our loan officers to find the best mortgage for you.

 

Your loan officer will help you find the mortgage that best fits you. Many factors need to be considered, such as:

• How long do you plan to keep the loan?

• Would a fixed or adjustable rate mortgage be best for you?

• How many points should you pay? What other costs are involved?

• When should you lock in your rate?

Based on your needs and situation, your loan officer will show you which mortgage products work best for you.

 

4) Close your loan and settle

 

As your closing date nears, your mortgage broker and real estate agent should check its progress on a daily basis