| One of the most crucial aspects of
purchasing a home is the financing. Even for an experienced buyer, choosing the right
mortgage can be a confusing decision with all the mortgage products available.
The
type of mortgage that is right for you depends on many factors. Your current financial
situation and credit history, expected change in circumstances or family size, comfort
level with the "risk" of an adjustable mortgage payment change, length of time
you plan to stay in the home you wish to purchase are all possible considerations.
The best way to sort through the options
available is to talk with a mortgage loan officer. Call your bank or mortgage company to
set up an appointment for a loan pre-qualification or pre-approval. A pre-qualification is
an estimate of the amount of mortgage you are likely to qualify for. It is not binding on
the financial institution. A pre-approval is an actual loan commitment prior to a signed
purchase agreement on a specific property. I would be happy to supply you with a list of
mortgage sources.
Articles and
Information On The Web
Documents Required for Mortgage Loan Application
This is a representative list
of the documents you will need to provide for your mortgage loan application. Your loan
officer may make additional document requests depending on mortgage program available and
your financial situation.
Pay stubs for 30 day period
Installment Loan Balances
Last two years:
Signed Federal Income Tax Returns
W-2 or 1099 forms
Last three months:
Bank Statements
Retirement or IRA Statements
Mutual Funds or Stocks
Copies of:
Sales contract
Homeowners Insurance Information
Leases on property you own
Gift letter and copy of check
Divorce and child support documents
Separation papers
Closing statement on recent property sale
Explanation of:
Source of down payment and closing costs
Late, slow or no payments
If Self-Employed:
Signed copies of last two years' business tax returns
Year-to-date profit & loss statement
Personal financial statement
Links to other sites are provided as a matter of convenience.
I don't necessarily endorse what you may find there.
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