Tips For Working with a Lender

Getting pre-qualified for and the arranging financing is a critical part of the home buying process. Be prepared to discuss these critical questions with your lender:
▪ How long do you expect to stay in the house?
▪ How long do you expect to keep this mortgage?
▪ How much cash do you want to commit to this purchase?
▪ What size mortgage payment would be comfortable for you?
▪ Do you anticipate any changes in your income or cash flow?
▪ How does your mortgage fit into your overall financial goals?
Your lender should be able to
▪ explain the mortgage process to you
▪ make recommendations for resolving credit issues if relevant
▪ itemize expenses relating to obtaining the loan and
▪ give you a good faith estimate of closing costs.
Information the lender may need during the loan process:
▪ Social security number(s)
▪ Addresses for past 2 years, with name and phone number of landlord or mortgage holder(s)
▪ Employer’s name, address, phone number for last 2 years
▪ W-2 forms for the past 2 years
▪ Pay stubs to cover the most recent 30-day pay period
▪ If commissioned or self employed, 2 years of complete Federal tax returns, personal and business, plus a year to date profit and loss statement and balance sheet
▪ Bank/securities statements (all pages) for last 60 days; for all accounts with funds to be used for closing
▪ Account names, numbers, and payments/balances for all open installment and revolving credit card accounts
▪ A copy of your purchase contract, signed by all parties.

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Tags: Mortgages, Lenders