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One last thing before you go house-hunting: Come in and talk to a loan officer. We'll determine how much house you qualify for and help you obtain a pre-approved mortgage.
Our pre-approval takes the guesswork out of the whole mortgage process - and it can make you a confident, knowledgeable home shopper. Best of all, your pre-approved status will convey to real estate agents and sellers that you're a qualified borrower. In many cases, it can serve as powerful leverage in negotiating the purchase of a new home.
The written loan form requires specific information - so, to save time, you may want to come prepared with the following items:
What to bring:
a copy of your purchase agreement
a legal description of the property you're buying
W-2 forms and tax returns for the last two years
a current pay stub
names and account numbers of banks and financial institutions where you have deposits
recent history (90 days) of your savings, checking, and brokerage accounts
12 month payment history on your rent or current mortgage payments
a list and estimated value of your major assets (car, insurance, etc.)
information about other income you receive from dividends, interest, rental property, etc.
recent financial statements, if you are self-employed
a list of outstanding debts, including the names, addresses, and account numbers you send payments to
your checkbook or a certified check to cover the cost of the application fee
Some Questions To Ask:
How much do you need for your down payment?
What loan amount do you qualify for?
How much needs to be financed?
What is the current interest rate?
Can you lock in an interest rate?
What are your options with regard to interest rates and terms of the loan?
How will the interest rate and length of your loan affect the total amount you pay over the life of your mortgage?
Is the interest rate fixed or adjustable?
If it's adjustable, what are the limitations on how much it can go up?
How long is the term of your mortgage?
What fees are required, how much are they, and when are they due?
How much will your monthly payment be?
Does the lender require mortgage insurance?
How long will it take to process and approve your loan?
Is there any additional information the bank will need to proceed?
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