What documents do I need to qualify for a mortgage?

To begin the process we will need to you to provide copies of your:

 

  • Most recent 2 years’ of 1040s/ federal tax returns (include all schedules)

  • Most recent 2 years’ W2s

  • Photo ID (and Social Security card for government loans)

  • Most recent paystubs to cover at least 1 month

  • Most recent 2 months’ bank statements on asset and retirement accounts (ALL pages)

  • Homeowner’s insurance policy (for refinances)

  • Current mortgage statement (for refinances)

  • Current mortgage Note (for refinances)

You’re in escrow...now what?

The escrow process is a timeline that begins with a fully executed purchase contract between buyer and seller, and ends with the seller receiving his money and the buyer receiving the keys.  If you are obtaining financing (as opposed to paying cash) then there are two transactions occurring simultaneously – the sale and the loan.  A typical 30 day escrow might look as follows:

 

Day 1. Escrow opened!

 

Days 2 – 10.  (Sale) Get earnest money/good faith deposit check to escrow.  Schedule inspections, receive and review prelim, seller disclosures and HOA docs (if applicable).  Receive, complete and return escrow documents package.   (Loan)  Sign loan disclosures and schedule appraisal.

 

Days 11 – 17.  (Sale) Receive and review inspections reports.  Obtain any further inspections recommended.  Resolve, renegotiate or accept condition of the property.   (Loan)  Loan approved!  Receive and review appraisal.  Provide requested conditions (documents) to loan officer for final loan approval/ clear to close.

 

Day 18.  Remove contingencies or issue objections.

 

Day 25.  Sign loan documents at escrow office.  Wire closing funds to escrow.

 

Day 29. Loan funds!

 

Day 30.  Recording of deed and deed of trust (mortgage).  Close of escrow!

Did you know?

In every real estate transaction, YOU decide your real estate agent's commission, NOT the real estate agent.   Commission rates are negotiable.

 

 You can select the Escrow Company and can negotiate fees, NOT the real estate agent.

 

You can select the Title Company and Insurance, NOT the real estate agent.

 

You have a choice of lenders.  Fees vary and you should shop and compare at least three different lenders/mortgage brokers.

 

The buyer's agent's commission is usually paid in escrow by the seller, and it doesn't cost the buyer anything to have his/her own agent representation.

 

The majority of real estate is sold via the MLS (Multiple Listing Service).  You will minimize your chances of obtaining the maximum sales price by going FSBO (For Sale By Owner).

Why should I get owner’s title insurance?

There are many title troubles that can arise to cause the loss of your home or your mortgage investment.

 

Title troubles not disclosed by the most careful search of public records - called hidden hazards - are the most dangerous.  Because of them, your abstract may be perfect but your title worthless.  Your attorney's examination may be the finest that skill, experience and legal knowledge can produce, but your title may be fatally defective.

 

Owner's title insurance protects you as well as your heirs from financial loss caused by title troubles.  And the title insurer, without expense to you, will defend you against any attack on the title to your property as insured.  The one-time premium is small.  The protection is great.

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