From the Desk of Morgan Fornoff, Mortgage Loan Officer
With the warmer weather and summer schedules finally here, you may be considering buying a new home, starting a home improvement project, or maybe even refinancing your existing mortgage to free up some extra income. However, many individuals, especially first-time homebuyers, fear the mortgage process and all the documentation that is required. Here at Flatwater Bank we pride ourselves in having a mortgage department that will take the time to sit down with you to find the best loan product to meet your financial needs. I strive to make the mortgage process as painless as possible, but it always helps to be prepared. I have put together a list of some of the things to consider when looking into a new home/mortgage:
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 into a more ideal financial situation.
Know what you can realistically afford. I 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 much more enjoyable.
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 you to be patient with the home buying process and allow everything to fall into place to find the home of your dreams.
Start putting together documents that will assist in the pre-approval process. It can be overwhelming to customers who are looking for a quick turnaround when I provide them the list of documents required as part of the process. Here are some of the things I'll ask for:
- Proof of income (W-2s, recent pay stubs, etc., and if self-employed, 2-years tax returns)
- Assets including 2-3 months 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)
I look forward to assisting you with your home loan needs.