Financing

If you will need financing to purchase your home you should contact a lender and get pre-qualified for a loan before begin your home shopping. Once pre-qualified, you know what price of home you can afford and can lock in quickly your rate if you see rates creeping up.

Because your home is one of your biggest assets you will purchase and finance, it’s important to ensure that your obtain the financing that best fits your needs. Seek out a loan officer that will spend the time to understand your needs and search out the best financing that meets those needs.

There are many lenders that want your business. You are advised to engage only those that are licensed, honest and competent.

Below is a list of lenders for your consideration.

List of residential lenders:

Choice Mortgage

Wells Fargo Home Mortgage

What a Borrower Will Need to Apply for a Mortgage

When applying for a loan you need to be prepared.

Nothing slows the mortgage process more than underwriters having to ask for and review items that were not provide up front. Following are documents borrowers will need:

Income Verification: Thirty days of pay stubs and two years of federal tax returns are pretty much standard. Contact information for employers over the previous two years is also important, especially if you have had multiple employers. If you own rental property at the time of application, or if the you are self-employed, full tax returns, including all the schedules, are a must, especially if you are buying a rental property.

Assets: The last two months of bank statements are standard. If you are showing either large deposits or withdrawals on the statements they submit, they need to be prepared to fully document these items, because lenders will want some type of paper trail as well. Lenders are selling these mortgages to investors who often run the mortgages through forensic audits before purchasing them.

Other Information: Information like the past two years of residency is important, especially if you have lived in multiple places. They’ll need the names and phone numbers of landlords and/or homeowner associations. If you can’t contact the landlord, get the last 12 months of canceled rent checks. If you have lived with relatives, no letter is usually required, as there isn’t typically a lease with a documented stream of payments.