Guide to Home Loans
It is very important for buyers to be at least pre-qualified and preferably pre-approved by a bank or mortgage company prior to making an offer on a house or property. This makes any offer you write much stronger, particularly an offer that you want considered that is not a full price offer! This can be done fairly quickly with the use of computers by mortgage lenders and banks. You can even apply on-line to many lenders. Ask the lender to give you a written pre-qualification or pre-approval letter.You should check your credit report to ensure that nothing appears on the report that (1) Is NOT your debt, but may belong to someone with a similar name (2) There are no inaccuracies in your report.. eg. Loans that have been paid off but still appear as debts (3) You have no collections that have not been paid. We have addresses and telephone #’s of the Credit Agencies that you will want to check.
Once you have received acceptance of your offer to purchase on a home or property, you will want to shop around for interest rates and closing costs. We keep a vendor list that will help you begin that search for the best loan. Or you may select a company with whom you are familiar or at which you have a personal contact. Listed below is the basic information that most loan companies require to make loan application:
Information Needed to Make Application for Loan
Social Security Numbers for all borrowers
Residence addresses for the past 2 years
Landlord address for last 2 year rentals and/or Mortgage Company name and account # covering the past 2 years.
Name and addresses for each employer for past 2 years
W-2’s for the past 2 years and your CURRENT paystub
Names, account #’s and balances on all checking, savings and investment accounts, plus 3 months statements on each.
Names, addresses, account numbers, balances, and monthly payments on all open loans
For self-employed borrowers: 2 years Tax Returns, plus all schedules
Cash for a credit report and an appraisal
VA loans only: Certificate of Eligibility and DD214
Not sure what your credit score is? Check it at TrueCredit.com