First
Things First
By Bev Cowan
The
loan application is the first step you
take to get a loan. We will sit down to
discuss your options concerning loan
products (FHA, VA, conventional, fixed
interest rate, adjustable interest rate).
Next, we'll crunch numbers to determine
the maximum house sales price you can
afford based upon your money coming in
and your bills going out.
Then
we'll fill out the loan application. This
is one of the most important steps in
getting your loan. The more complete
and accurate the application, the easier
it is for all concerned. I ask for
everything I think the underwriter will
want to see. It's very frustrating for
you when additional documentation is
requested throughout the loan process --
so, I ask for that information at the
very beginning. It's up to YOU to
supply it!
To
complete the loan application, the
following information is needed:
- Employment
and resident history
- Income
and other sources of money
(second jobs, child support,
disability)
- Source
of money for down payment and
closing costs (savings, gift,
sale of current home, stocks,
bonds, 401k)
- Any
past bankruptcies, tax liens, law
suits
- Real
Estate currently owned (rentals,
vacation home, land)
- Liabilities
(house payment or rent, car
payment, student loans, credit
card bills
Before
sitting down with the loan officer,
certain documents should be gathered and
brought to the meeting:
- Current
bank statements for the past 3
months
- Pay
stubs (If you get paid every 2
weeks, 3 consecutive pay stubs
are needed. If you get paid every
week, 5 consecutive pay stubs are
needed.)
- W2's
for the past 2 years
- Copy of
bankruptcy papers and discharge
- If
applying for a VA loan, a copy of
your DD214*
- If
applying for a VA loan, the
original Eligibility Certificate*
- Additional
documents are required for
self-employed borrowers
*If
you don't have a copy of these items,
don't worry, we can order them.
It
takes about one and a half hours to
complete the loan application. The more I
know about you and your financial
situation (even the credit issues you'd
like to forget about), the more complete
your loan submission package will be. And
that means it's easier for the
underwriter to approve your loan. The
underwriter is the person who authorizes
the money for you to buy your home.
There
are certain guidelines which must be met
before a loan can be approved. If, for
some reason, you feel that you cannot
meet those guidelines at the present
time, I can help you learn what steps you
need to take so that within perhaps 6
months to a year, you can qualify for
your home. And besides, you don't have to
have perfect credit in order to buy a
home. Most people don't!
   
6 Dumbest Mistakes Smart
People Make When Getting a Loan and how
to Avoid Them
Glossary of
Mortgage Terms
Everything You Ever
Wanted to Know About Processing a Loan
But Were Afraid to Ask
Roadblocks to a
Successful Closing
Trilogy
Mortgage, Inc.
1050 E. Southern Avenue, Ste F7
Tempe, AZ 85282
(602) 517-1100
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