June 20, 2017
Summer’s here. That means schools are out, vacations are
planned and the daily drill changes. One great big change is to buy a home and
the summer months are the most popular for those buying a new home. It’s easier
to make the switch when public schools are out for the summer and if moving to
a new system the kids will be in their new home and ready for the fall. Or,
maybe you already have a home and a mortgage and are thinking of refinancing
your current loan. Perhaps rates have fallen for you or you want to switch from
an adjustable rate loan into a fixed. Either way, if you’re seeking financing
this summer, you need to know these tips.
First, know exactly where you stand regarding your credit
history. Even though you certainly think your credit report is just fine, thank
you, you should pull up a credit report on your own if not for anything but to
look for mistakes. Reporting errors are unfortunately relatively common on
credit reports so make sure you know what your lender will be looking at.
Start gathering your financials. This means getting copies
of items your lender will be asking for. Dig up your two most recent W2 forms
for the past two years and make copies of your pay check stubs. Your lender
will ask for those. If you’re self-employed it’s time to make copies of your
federal income tax returns for both personal and business filings. Your lender
will also need copies of your bank statements.
What can you afford? There’s certainly no shortage of online
mortgage calculators but you really should have a brief conversation with a
mortgage loan officer who can provide you with some very good estimates
regarding how much you could qualify for as well as provide you with monthly
payment information based upon your current situation.
By simply following these basic steps you’ll find the loan
process will be a smooth one and you won’t be hurrying around gathering
paperwork while you’re in the middle of making a move or preparing for a
refinance. Even with a refinance and you’ve already been through the approval
process, it’s probably been a while since you documented a loan file. You want
to speak with a loan officer first.
For more information or questions about mortgage loans, please call (855) 757-8748.