Getting pre-qualified for and the arranging financing is a critical part of the home buying process.
Be prepared to discuss these critical questions with your lender:
- How long do you expect to stay in the house?
- How long do you expect to keep this mortgage?
- How much cash do you want to commit to this purchase?
- What size mortgage payment would be comfortable for you?
- Do you anticipate any changes in your income or cash flow?
- How does your mortgage fit into your overall financial goals?
Your lender should be able to:
- explain the mortgage process to you
- make recommendations for resolving credit issues if relevant
- itemize expenses relating to obtaining the loan and
- give you a good faith estimate of closing costs.
Information the lender may need during the loan process:
- Social security number(s)
- Addresses for past 2 years, with name and phone number of landlord or mortgage holder(s)
- Employer’s name, address, phone number for last 2 years
- W-2 forms for the past 2 years
- Pay stubs to cover the most recent 30-day pay period
- If commissioned or self employed, 2 years of complete Federal tax returns, personal and business, plus a year to date profit and loss statement and balance sheet
- Bank/securities statements (all pages) for last 60 days; for all accounts with funds to be used for closing
- Account names, numbers, and payments/balances for all open installment and revolving credit card accounts
- A copy of your purchase contract, signed by all parties
