4 Tips to Consider for a Mortgage or Refinancing
Written by: Morgan Fornoff, Vice President Lending, NMLS # 1091285
1. Know your credit profile: Nothing is more important than knowing and understanding your credit. You can get a free copy of your credit report at www.annualcreditreport.com. A review might identify things that can be done ahead of time to put you in a more ideal financial situation.2. Know what you can realistically afford: We like to talk to clients ahead of time to help establish what they can afford. Having a clear picture of what you are able to pay is essential and will make the entire process smoother.
3. Be patient: Buying a home will possibly be one of the largest financial decisions you'll ever make. A little preparation ahead of time will allow everything to fall in place when you find the home of your dreams.
4. Put together documents that will assist in the pre-approval process. It can be overwhelming to customers that are looking for a quick turnaround time when they learn about the documents required as part of the process. Here are some of the things you will need:
3. Be patient: Buying a home will possibly be one of the largest financial decisions you'll ever make. A little preparation ahead of time will allow everything to fall in place when you find the home of your dreams.
4. Put together documents that will assist in the pre-approval process. It can be overwhelming to customers that are looking for a quick turnaround time when they learn about the documents required as part of the process. Here are some of the things you will need:
- Proof of income- (W-2s, recent pay stubs, etc. and if self-employed, 2 years tax returns).
- Assets- including 2-3 months of statements from checking and savings accounts, retirement, and stock/investment accounts.
- Debts- A list of all debts (a credit report will be pulled for verification) and documentation of any alimony or child support payments or other liability requirements.
- Other- Documents including 2-years of employment and address history, driver's license or valid State ID, and any other documents impacting your ability to pay (i.e. bankruptcy documents, gift letters, etc.)
This isn't necessarily a complete list, but it is a great start. We look forward to working with you and assisting you with your mortgage needs.
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