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MORTGAGE

Highlights from Selfserv Credit Improvement Guide...

What to look for in a Mortgage Consultant

When you decide to buy or refinance a home, one of the biggest concerns should be finding a lender that can provide for your financial needs. Not just someone who wants to make a buck but someone who will look after you throughout the loan process from beginning to end. How should you look for a lender?

• Experience
• Knowledge
• Very patient
• Honesty and trustworthiness
• Understanding your needs and what you are trying to accomplish with your loan
• A good communicator. Keeping you updated throughout your transaction

 

Loan Checklist

1. Copy of your drivers license or photo id
2. Current pay check stubs (for last 30 days)
3. Copy of your Social security card or letter from Social Security Administration
4. Residence address(es) for past two years
5. Names and addresses of each employer for past two years
6. W2’s or tax returns for past two years
7. Bank statements for last 2-3 months (all pages) some programs allow 12-24 months as full documentation.
8. If you are refinancing and paying debt, gather all statements of the creditors you want to payoff (for escrow to make out the checks)
9. If you own real estate, gather all information, rental agreements, mortgage statements and so on
10. If you are self employed, gather two years tax returns, profit and loss statements and or a CPA letter stating that he or she have been preparing your taxes for the last two years as a self employed person or your business license which will show two years in business.
11. Gather any of these if applicable; Divorce decrees, bankruptcy papers (discharge or dismissal), tax lien payoffs, judgment information, child support, alimony paper work, award letter (if retired)
12. Homeowners insurance (refinance)
13. Property tax statement (refinance)
14. Mortgage statement (refinance)

Step by Step Home Buying

Choose a Real Estate Agent

Decide on the type of home you want

Single Family, Condominium, Duplex, Mobile Home, Multi-family units. Decide on the features and amenities you want in your home. Discuss all your desires with your realtor. Be absolutely clear with this.

Choose a Lender

A mortgage consultant can help you get the best program and loan type for your specific financial situation. They will analyze your credit, income and collateral to get you qualified to buy or refinance a home. Be sure to get pre-qualified by your lender and get a pre-approval certificate or better yet, get an actual approval from the lending institution. This can be done in minutes via online submission. You will need to know how much home you can afford before shopping for one. If you don’t know any lenders ask your real estate agent or browse the yellow pages or internet.

Start Home Shopping

Your realtor will start looking for homes in the areas you want to live in and the price range you are qualified for. When you find a home you like, negotiate! If negotiations go well, the realtor will then write an offer for purchase. The offer is the presented to the seller(s) and the seller’s agent. The seller(s) will either accept, counter or reject your offer. If rejected, continue looking but don’t be discouraged, this is normal in home shopping so have several home in mind. If the seller(s) counter your offer, your realtor will sit with you and go over it then the counter offer is discussed and prepared for another shot at it.

What to look for in a Real Estate Agent

A Realtor can save you time and assist you in home Shopping. Pre-select homes that are in your price range and meet your requirements. The realtor will schedule appointments for you to see homes, give you current selling prices for homes similar to the ones you are considering. The realtor can also give you the demographics of the areas, such as, nearby schools, taxes, shopping centers etc… the realtor will handle all negotiations over the price and terms you offer. Also arrange for a home inspection.

• Experience
• Knowledge
• Very patient
• Honesty and trustworthiness
• Complete access to the Multiple Listing Service (MLS)
• Understanding your needs, wants and personal taste
• A good communicator. Keeping you updated throughout your transaction

California Mortgage

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