Looking for your dream home is a long process, but if you’re not prepared, it could take even longer. The last thing you want to do is to find your dream home only to miss out! You’ve probably heard of mortgage “pre-qualification” and “pre-approval.” While they may seem interchangeable, they’re two different things you can…
Tagged: Mortgage Process
When taking out a mortgage loan, there are several different categories that the loan falls under, depending on what you intend to do with the home understanding the mortgage process will help you navigate the purchase of your second home or investment property easier. For a home that you intend to live in as your…
When people think about buying a home, they likely envision attending open houses and picking out new paint colors, not securing a mortgage. While getting a mortgage isn’t as glamorous as other aspects of buying a home, it is arguably the most important step in the process. Without a mortgage, most people wouldn’t have a…
Here are Mortgage DOs and DON’Ts to follow during your loan process. DO: Keep All Records in Good Order. Availability– Keep your financial records close at hand in case updates are requested. Income– Be aware that underwriters typically verify your income and tax documents through your employer(s), CPA, and/or IRS tax transcripts. Hold onto new…
Preparing in Advance Will Save You Time and Trouble Once You’ve Started Making Offers. INCOME Provide Your Last two paystubs along with your W2s and Federal tax returns for the last two years (include all schedules). State returns are not needed. If you are self-employed, ask me for the additional documentation requirements. If you receive…
Many factors go into the calculating value of a home. Most importantly, recently sold comparable properties must be considered. “Comps” should be similar in location, size, style, room count, condition, utility, etc. The appraisal is part art and part science, and the latter is hard to change. Sometimes, the hardest thing for owners is to…
