Here are five tips you should know before you call your loan officer.
Tip #1: Before you call your loan officer, be realistic and have an idea of what you can afford for your monthly payments on your mortgage. It’s important to know what you can afford for your monthly payment before you look for a house. Write it down, circle it and put it on the fridge. By having establishing a target estimate you will prevent yourself from turning a need into a want and going after a home you cannot afford.
Tip #2: Review your bank accounts and make sure you have two months of bank statements available for a review. Do you know which bank account the down payment will come from?
Tip #3: Employments and income. You should have two years of federal tax returns, W2s and your last two pay stubs available. If you’ve had more than one job over the last two year period, please note the start and end dates for each job.
Tip #4: What kind of property. Have an idea of what type of property you want to buy. The down payment and income requirements differ from a single family to a multi-family.
Tip #5: Know your legal name (as it appears in your credit history). If you tell your loan officer a name different than on your credit file, your credit report could be inaccurate and cause delays in the loan application process. Anything that can cause a delay in the loan process always has the potential to cost you more money as it nears time to close on the house.
If you want to know more about this or other important mortgage information, please feel free to contact me directly.