Resources
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RESOURCES FOR YOU
Property-Related
- Copy of your signed contract including any riders
- Verified document showing the deposit you made on the home, if any
- Contact information for real estate agents, attorneys and other professional parties involved in the sale
- Copy of the property listing sheet and any survey information or other legal description
Income-Related
- Copies of your two most recent pay-stubs as well as a year-to-date statement of earnings if available
- Copies of your W-2 forms for the preceding two years (self-employed: full tax returns required)
- Contact information for employers during the past two years
- Green card or work visa if applicable
- Also be ready to explain any periods of time during the past two years when you were not employed
- Information about alimony, child support, Social Security or disability income your receive
Source of Funds and Down Payment
- Copy of signed contract for current home if proceeds are being used for purchase of new home
- Savings, checking and money market statements for past three months
- Copies of brokerage statements showing stocks and bonds owned
- For gifts, provide a gift affidavit and a receipt of your gift
Existing Debts
- List of contact information for credit card companies, banks or other lenders or entities with which you have loans, as well as account numbers, existing balances and monthly payments
- Copies of last three monthly statements for each debt account
- List of contact information for mortgage holders and/or landlords from past two years, as well as account numbers, existing balances and monthly payments
- Copies of child support and/or alimony orders
What is an appraisal?
An appraisal is an estimate of the fair market value of a property, typically supplied by a licensed appraiser trained in property valuation. Most lenders require an appraisal to be supplied during the lending process to determine how much it’s willing to lend.
What is private mortgage insurance?
When your down payment is under 20% of your home’s purchase price, you may be required to pay private mortgage insurance, or PMI, each month to help guarantee your loan and protect the lender in case of default. Not all loans require PMI, while others require you to pay a year’s worth of PMI at closing.
When should I refinance?
If you’re refinancing to lock in a lower rate, the rule of thumb is to refinance when the rate is 2% lower than your current rate; however, some experts say even a difference of 1% is worthwhile, depending on the number of years remaining on your loan and the length of time you plan to stay in your home.
What is a FHA loan?
These are loans that are insured by the Federal Housing Administration (FHA). In a nutshell, the FHA provides insurance to lenders in case a buyer defaults on a loan. Different types of FHA loans offer different advantages and benefits.
What is a VA loan?
VA loans are made to veterans and active service members. The loans are insured by the Veterans’ Administration, which means lenders will be provided some protection in case the borrower defaults.
What is a credit report?
It’s a report that contains a comprehensive history of your credit, including home and car loans, credit card accounts and other accounts. Your report will include information about the balances of existing loans as well as your monthly payments and your payment history, including any delinquencies in payments. Lenders use your credit report to help determine if you’re a good risk for a mortgage.
Do I have the right to know what’s on my credit report?
Yes. In fact, you can request a free annual report from the three major credit bureaus every 12 months by visiting this site: https://www.annualcreditreport.com/index.action.