Video: Applying for a Mortgage? Be Prepared.
When you apply for a mortgage, your lender will take a good hard look at the last two years of your life. From names and addresses of employers to child support and alimony payments, everything even remotely related to your personal finances will be an open book. Start with the video below for a lineup of documents you’ll need to have at the ready.
In addition to paperwork there are a few things you’ll need to remain conscious of. Moving large sums of money between bank accounts just before and during the mortgage process is a bad idea, as are large deposits of cash. As a matter of fact funds in any account containing large unidentified deposits can not be used for down payment or closing costs.
It should go without saying, but never quit your job during the home buying process. This happens more often than you might think. Even changing jobs is not advisable, though occasionally this can be worked through as long as you remain in the same field.
And finally, while your transaction is ongoing, don’t make any major purchases, this includes the two most common, vehicles and furniture. Keep your credit card balance low and DO NOT open any new credit accounts.
Video Transcript: Applying for a Mortgage? Be Prepared.
Ready to buy a home? Get your documents in order now!
Welcome to Top 5 in Real Estate News everyone, I’m Jenny Dunn.
Relatively low home prices and low interest rates have convinced a number of first time home buyers to jump into the market. If you are among them, be prepared.
California mortgage broker Kenneth Gold says you should have a variety of documents ready including contact information for any landlords you had in the past 2 years.
You will need to furnish W2s, pay stubs, and tax returns from the past 2 years for each borrower.
If you’re self employed have an up-to-date profit/loss statement ready as well as your last 2 years federal tax returns.
Lenders will also ask to see the last 3 months statements from your savings and other deposit accounts.
You’ll have to provide information on outstanding loans including credit cards.
Finally, if you filed bankruptcy in the past 7 years you may be asked to provide discharge documents, an explanation of why your filed bankruptcy, and proof of clean credit after the filing.
From all of us at Top 5 News, thanks for watching. We look forward to seeing you next time.
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If you have questions or concerns, or you’d like to speak with someone before committing to a lender, give me a call. There are several very knowledgeable loan officers that I would trust to give you sensible advice with no pressure or obligation.
For more information, Call or Text: 602-999-0952
eMail: golfarizona@cox.net
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management
Ever wonder what Closing Costs you’ll be responsible for when you buy or sell a home? Check out our infographic and article:
Who Pays for What?
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Home Purchase Offers and Agreements 101
There are still down payment assistance programs available in Arizona. Call us for details: 602-999-0952
We also have options to help with your closing costs. See the links below or feel free to call or email for additional information: 602-999-0952 / golfarizona@cox.net
Learn more about the Arizona Heroes Home Advantage cash-back program. NO cost, NO pre-registration, NO obligation.
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