Financing

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Mortgage Tips

1. Find a Good Real Estate Agent. A professional Real Estate Agent is trained and obligated to protect your interests and negotiate a fair deal on your behalf. It is to your advantage to have one working on your behalf. Many agents can give you a list of lenders that may best meet your needs.

2. Get Pre-Qualified. This is very important. This step can make the whole process of finding and buying your home simpler and more enjoyable. A professional lender can pre-package a loan for you before you start shopping for a home. This also gives you a great bargaining chip when negotiating with a seller, and it lets everybody know your a serious buyer.

3. Consult with your lender before paying off bills. Don't assume that doing so would help you qualify for a mortgage. You may need to, but the cash you have might serve you better.

4. Don't change jobs. Stable employment history will help you qualify for a loan. Lenders are usually looking for two years of employment in the same line of work. And, during the loan process, verification of income from a new job can create delays.

5. Don't move money around. New accounts will complicate the loan application process, since a lender has to verify all your sources of funds, and will need to show that you have had that money for several months.

6. Don't increase your debts at all. Don't make any major purchases, like a car or furniture before you buy your home. These purchases increase your debt load, and may prevent you from qualifying for a mortgage loan.

The 3 Factors considered by Mortgage Lenders:

1.The Property

Since the property itself is the collateral for the loan, the value of the property must meet or exceed the loan amount applied for. This is determined by an appraisal.

2.Employment and Income

These must be verified by documentation. Two years history is required. A lender is looking for sufficient and stable income.

3.Credit History

This demonstrates your ability and willingness to make timely payments as agreed. Don't be put off if you have a less than perfect credit history. The last year is the most important

What you will need when you met with your lender:

If Company Employed:

W-2s for the past two years.

Pay stubs for past 30 days.

List of current monthly debts (Name, account numbers, balance, payment.)

List of all income (Include source and documentation).

Employment information for the past two years. (Names, addresses, salary).

All addresses for the past two years.

Last two months bank statements for all accounts (checking and savings).

Account statements for any investments.

Current mortgage or rental information.

Home sale contract or purchase agreement.

If Self-Employed:

All the above, plus:

Last two years tax returns.

Year-to-date profit & loss statement.

Balance sheet.

Bankruptcy papers. (If applicable)

Divorce papers. (If applicable)