Information Needed for a Home Loan Application

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W-2 (2-years) & Current Pay Stubs, Self-Employment or 1099  – Last 2 years tax returns Landlord name/ Telephone – Last 2 years Employer name/ Address/ Telephone – Last 2 years Asset Information – Past 2 month’s bank statements Information on Stocks/ Bonds/401K, etc. … Read More

The Home Loan Process

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Pre-qualification/ Pre-approval (Credit Report Run) Formal Loan Application Taken Escrow and Title Ordered Appraisal Ordered Income and Asset Information Verified Complete Loan Package Submitted TO Underwriter Loan Approved Obtain and Forward to Underwriter any additional items that may be required … Read More

Never Forget Your Preapproval Letter

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Pre-qualification is an informal way to see how much you maybe able to borrow. You can be ‘pre-qualified’ over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you … Read More

Understand Your Credit

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If you have ever applied for a charge card, student loan, or other kinds of credit, you probably have a credit report (or credit profile). Credit reporting agencies collect and organize information about you and your repayment history, and make … Read More

How Much Home Can You Afford?

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Home loans can be available from several types of lenders–thrift institutions, mortgage companies, commercial banks, and credit unions. Various lenders may quote you different prices, so you should contact several lenders to make sure you’re getting the best price. You … Read More