Your Life is an Open Book. So you’re thinking about getting a mortgage…

From: A heads-up for Home Buyers on www.yourValleyProperty.com

Even before the actual application process begins, there are things that you can do, and personal, financial details that you’ll want to discuss with your lender. These will include assessing your credit score, work history, verifying cash available and reviewing tax returns. When you do finally formally apply, the lender will be required to see actual records of each of these and more so having them readily available is a must.

Be prepared to provide comprehensive financial documentation and a fair amount of personal data to your lender. They must adhere to specific government and industry requirements that are not negotiable. These requirements may feel intrusive but after all, consider how much money the lender is trusting to your care.

On your ‘To Do’ list should be:

Stop applying for new credit other than your mortgage (including cars, furniture, credit cards)
Keep balances in your bank accounts stable, and activity at a minimum (this applies especially to the account you will be using for down payment and closing costs)
Collect all lender required paperwork IMMEDIATELY. In addition to your contract deadlines, lenders work under a tight timetable and even delaying a day or two can endanger your transaction.

Keep in mind: The amount you will be bringing to closing will likely fluctuate until the very last day. A conclusive number and detailed breakdown will be disclosed on the HUD1. In addition to set amounts like down payment, there may be variables that will affect your final closing costs. Variables might include:

Property Taxes
Closing Date
HOA Fees
Title or Attorney Fees
Home Owner’s or Hazard Insurance
Pre-paid Interest
Transfer Fees

Call me if you have any questions at all. I have a long lists of lender’s names at my disposal and I am confident that any one of them would be happy to address your concerns.