What To Bring
- Valid photo identification
- Bank/asset statements for the last 2 months on all checking, savings, stock, mutual funds, IRA, or other liquid assets you would like on your loan application
- Pay stubs for the last 30 days
- Existing mortgage statement (if applicable)
- A copy of the signed real estate contract, if you've already made an offer on a home
- Immediately inform us of any change in your employment, income and asset status.
- Continue making your mortgage or rent payments.
- Stay current on all existing accounts.
- Explain any credit blemishes and credit inquiries.
- Apply for new credit or loans.
- Close any credit card accounts, max out or over charge on your credit accounts.
- Change bank accounts or transfer balances from one account to another
- Deposit large amounts of cash into your bank account without proper documentation.
Frequently Asked Questions
What is an earnest deposit?
This is a sum of money given to bind the sale of real estate, or a sum of money given to ensure payment or an advance of funds in the processing of a loan.
What is equity?
The amount of financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on the mortgage.
What is an appraisal?
A written analysis prepared by a qualified appraiser and estimating the value of a property. The Appraised Value is an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property.
What are closing costs?
These are expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee, property taxes, charges for title insurance and escrow costs, appraisal fees, etc. Closing costs will vary according to the area country and the lenders used.
What is a credit report?
A report detailing an individual's credit history that is prepared by a credit bureau and used by a lender to determine a loan applicant's creditworthiness.
What is a down payment?
Part of the purchase price of a property that is paid in cash and not financed with a mortgage.