Tips for Working with a Lender

Getting pre-qualified for 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 monthly 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 the expenses relating to obtaining the loan and the home purchase process
• give you a good faith estimate of closing costs.

Information the lender will likely need during the loan process:

• Social security number(s)
• A copy of your driver’s licence
• 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 asset accounts – checking, savings, IRA etc, including but not limited to those which hold the funds to be used for home purchase
• Account names, numbers, and payments/balances for all open installment and revolving credit card accounts
• A copy of your current mortgage statement, if applicable
• A copy of your purchase contract, signed by all parties
• The name and phone number of your insurance agent

My recommended Charlottesville Area Mortgage Lenders