FYI

Information you will need to give any mortgage broker/investor/bank
when applying for a mortgage:

W-2 EMPLOYED

  • Residence Address - 2 years history
  • Employer Information - 2 years history
  • Last 2 years of W-2's and Tax Returns
  • One month Paystubs, with Year-to-Date Figures
  • Last 3 Months Bank Statements
  • Name, Account Numbers for Loans and Credit Cards
  • Information on all Real Estate Owned
  • Check for Credit Report and Property Appraisal
    • SELF-EMPLOYED: (Additional)
  • Current P&L
  • Last 2 Years of Business Tax Returns
  • Last 3 Months of Business Bank Statements
  • Corporate/Partnership k-1 tax returns (if applicable)
    • CREDIT:
  • Landlord Name, Address, Phone. Payment history must be obtained for credit.
  • Letters of Explanation covering Gifts, Gap in employment, Bankruptcy, Credit Problems, etc.
    • ADDITIONAL INFORMATION (If Applicable)
  • Divorce Decree
  • Bankruptcy Discharge
  • Letters of Explanation for Slow Credit
  • Leases, When Income derives from Rental Income
  • Blue Prints, Contractors Resume, and References
  • Contracts on Land, Utilities and Upgrades
  • Child Support
  • Alimony
    • PRODUCT:

     The most drastic change in the mortgage business over the last 5 years has been the proliferation of a mind-boggling array of new products. While this can be overwhelming, it can also be advantageous. You can now customize your loan to suit your exact living and investment needs. We are able to help speed this process by focusing on the product that best serves your needs. Once identified, our Loan Consultants will recommend the best lender for your specific parameters.

     PREQUALIFICATION:

     You may find it helpful to be prequalified by one of our loan consultants before you start shopping for a property. This will enable you to know exactly what you can afford and what the mortgage payments will be. There is absolutely no charge for a prequalification, and it can be done in a matter of minutes over the telephone or with our on-line application.

     PRE-APPROVAL:

     It is also possible to get an approval on your loan before you purchase your home. This will allow you to bid for properties with a loan approval in hand. It is often possible to negotiate a better price if the seller knows that you are not only a serious buyer, but an approved one as well.  From a negotiating point of view, a pre-approval is as good as cash insofar as a seller is concerned. The only condition will be that the appraisal is at or above the purchase price of the property.

    FIRST TIME HOMEBUYERS:

     Special programs are available for first time homebuyers with a downpayment as little as 3%. Liberal income and asset requirements make it affordable to move from renting to ownership and the opportunity to build future equity.