4 Keys to a Smooth Mortgage Loan Process
Buying a home is one of the most important things you will ever do. But if you’re like most people the word mortgage may seem scary and unknown. It doesn’t have to be that way. Your First Colony Mortgage Consultant and your Edge Homes Agent are here to help you through the building and buying process. We have outlined these simple keys that will help make your mortgage loan go smoother.
Key 1 – Bank Statements
THEY ARE MORE THAN JUST JUNK MAIL YOU GET EACH MONTH. Your bank statement needs to be an official bank copy, including the banks name, your name, FULL account number and at least a 30 -day account history. It is best to have a clean
30-day history including no large deposits. Yes, making a large deposit into your own account could affect your loan. If you need to deposit money for some reason, contact us and we will guide you through the best course so as not to disrupt your loan.
Key 2 – Taxes
NOTHING IN LIFE IS CERTAIN BUT DEATH AND TAXES. Current tax returns are a must for any home loan. You must have your taxes filed for the past 2 years, with a copy of your returns. We have to pull your tax transcripts directly from the IRS and submit them with your file. These are required on every file.
Key 3 – Paystubs
YES, YOU REALLY ARE SUPPOSED TO KEEP THOSE. This helps determine your work history. Your pay stubs need to be recent and official, including the company name, your name and a year-to-date income. It is important to maintain your working hours during the loan process. We may need updated pay stubs during the loan and if your hours have changed, we may have to decrease your income.
Key 4 – Credit
YOU ARE BUYING A HOME, DON’T GO OUT AND BUY STUFF TO FILL IT WITH – YET. PLEASE do not take on any new debt during the loan process. This could be anything like buying all new furniture for your home or a new car to go with your new house. You may be able to afford it on paper, but just wait. If you have questions about this, please call us. If anyone has recently pulled your credit for a loan, we will see it and it will need to be explained. Make your purchases after the loan closes!
As your mortgage consultants we are here to make sure that these things are addressed in the beginning so that you can have a smooth, comfortable loan process. We look forward to working with you on your new Edge Homes purchase!