Skip to main content

10 IMPORTANT HOME LOAN MORTGAGE TIPS

10 IMPORTANT HOME LOAN 

MORTGAGE TIPS


You’re just starting your search to purchase a Bourne home-this is an exciting time! Before you schedule your first home tour, getting prequalified for a mortgage is an important first step. Here’s a checklist to get you on your way to buying the Cataumet home of your dreams.

  1. Personal documents: You’ll need two forms of government-issued ID, your social security number, divorce papers if applicable, as well as proof of ownership of other property.
  2. Review your credit report: You should be able to do this free of charge. Be sure to dispute any errors or provide an explanation for late payments or derogatory items. Then, keep your credit score healthy by avoiding any new credit inquiries, canceling any credit accounts, or lowering limits with any creditors. Doing any of these things could lower your credit score.
  3. Tax returns: You’ll need to provide tax returns for the previous year, and potentially for the last two years.
  4. Proof of income: Gather W2s, paycheck stubs, 1099s, or a year-to-date profit and loss statement if you’re self-employed. You’ll also need to show other income sources such as Social Security, child support (and proof children’s ages), or government assistance.
  5. Proof of assets: Provide bank statements, mutual fund statements, account balances for retirement accounts, 401Ks, IRAs, and any money held in the stock market.
  6. Debt summary: You’ll need to provide a summary of your debts, monthly payment amounts, child support payments and balances for credit cards, student loans, car loans, other property loans.
  7. Financial issues: You may need to provide a written explanation if you’ve had bankruptcy or other financial issues in the past.
  8. Down payment and closing money ready: Have these funds ready in your bank account. If you received this money as a gift, you might need to provide a letter from the gifter explaining the gift is not a loan.
  9. Renting? Compile proof for the past year with canceled checks or money orders to show rent was paid on time.
  10. Mortgage pre-approval successful? Do some comparison shopping and contact other lenders. A home is likely the largest purchase you’ll ever make, do your homework to ensure you get a competitive deal.
Applying for your first mortgage? Get in touch with your local Cataumet realty agent! I’d be happy to walk you through the process.  Contact Cheryl

Comments

Post a Comment

Popular posts from this blog

5 Driveway Designs to Drive Up Your Homes Value

1.  Pavers:  Driveways with pavers are often found in the village area's of Boston, Rhode Island and Coastal communities like Pocasset, Cataumet and Monument Beach.  Very durable and many colors to choose from. This design often reminds me of Paul Revere days with candle light, lanterns and horses. 2.  Brick:    Brick  is bold, beautiful and long lasting.  Brick has multiple uses and can be combined to match your homes exterior.  You do have the ability to change the color to give a custom look to your design. A quick stop at  Pocasset Hardware  will provide you with a color key and guide to all the paints available to make your driveway stand out from your neighbors.   3.  Sea Shells:   A crushed  seashell  driveway adds character to your coastal home.  There is a little bit of a smell at first when laying the over your driveway, however in time you will loose the smell and gain a beautiful ...
Post a Comment
Read more

Be Informed: What is Escrow?

The first time you heard the term, "escrow" you may have been thrown for a loop. While the word may have had you confused the first time, here are some essential things to know about escrow—what it is, what it's used for, and how it works. What Is Escrow? Escrow is a legal notion where money or assets are held by a third-party on behalf of two other parties in the middle of completing a transaction. An escrow company provides two parties the service to make sure everyone does what they say they're going to do. The escrow company acts as a middleman to protect the assets while the home purchasing process is happening.   Applied to real estate transactions—when buying or selling a home, escrow is the trusted third-party, who is someone other than the buyer or seller, who will hold money to make sure you execute the transaction correctly. The key thing to remember here is that the third-party is a trusted party . This is a neutral entity who does...
Post a Comment
Read more

11 Steps To Downsizing Your Home

Nothing lasts forever -- including a home where you raised a family or lived most of your working life. And it's a fact of life that suddenly, a place that was perfect for you a decade or two ago might start to feel cavernous and empty (or just contain more square footage than you really want to clean regularly). If you're starting to dream about trading in your rambling old house for a smaller cottage or new condo, then it's probably time to seriously consider downsizing from your current home. Before you start shopping and put your home on the market, though, there are a few things you need to think about and discuss with any family members who'll be making the journey with you. Consider your finances It's tempting to look up your home on a website like Zillow or Redfin and revel in how much money it's worth today. So finances might not be top-of-mind when you're thinking about downsizing -- you may believe that you're guaranteed to save money...
Post a Comment
Read more