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The devil is in the details...
The devil is in the details...
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Hi Friends,
Home buyers need to do a lot of homework! When I work with new buyers, I always suggest they prepare EVERYTHING needed for a mortgage lender, so they can get their pre-approval letter quickly!
I never advise looking for “the dream home” before having this important letter in hand. You don’t want to fall in love with a house that’s out of your league! I will work hard to find a home that you love, at the right price for your budget!
There’s a wealth of information online about what to gather, and I am always impressed with potential buyers who research and “Do the Hard Stuff” BEFORE starting their home search.
Items Needed for Loan Application:
The list is so extensive, I keep business cards in my wallet with the details. (Thanks to Larry Boyd, Senior Vice President, Patriot Mortgage Bank, Collierville for this handy list!)
  1. If Buying: provide copy of sales contract

  2. If refinancing: provide a copy of statement showing balance, taxes and homeowners insurance

  3. Address and phone numbers for landlords for past 2 years if renting

  4. Address for current and past employers for past 2 years, including salary history

  5. W-2 forms for past 2 years

  6. If self-employed or on commission, past 2 years of tax returns plus Profit and Loss for current year

  7. Most recent 2 payrolls stubs from your jobs

  8. Copy of driver’s license and social security cards

  9. Most recent 2 months statements on all bank accounts and investment accounts

  10. If divorced - copy of divorce decree

  11. If you have filed bankruptcy, copy of bankruptcy petition and decree

Top 10 mortgage tips for potential buyers
I love a good “Top 10 list” and this article from explains the ins and outs of mortgage lending. While you may know some of this information already, it’s important to cover all your bases to get the best interest rate possible:
1. Improve your creditworthiness
2. Save for a down payment
3. Seek pre-approval
4. Shop for a lender
5. Research loan types
6. Consider your lifestyle
7. Remember to budget
8. Consult a professional
9. Don't forget the closing costs
10. Beef up your savings account
If you need some advice on how to get started, I can help!
If you’ve been spending all your time online looking at homes and dreaming about moving, let’s get prepared. I can help motivate you to get the necessary paperwork together for your lender.
Need help picking a lender? I can give you some practical tips and questions to ask as you shop around. There’s a right fit for everyone! Working with someone you trust who has a wealth of experience and knowledge in home mortgages is critical. Let’s get started!
Call, text or email me with your questions!
Best regards,
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