Be Prepared to Make Your Los Angeles Mortgage Application

Time COULD be Money …
Should You Delay Too Long.
Be Prepared to Make Your Mortgage Application
     A short while ago, I wrote a blog regarding the upcoming increases that will be coming to mortgages as a result of recent government Enactments regarding Fannie Mae and Freddie Mac.

I found a recently-written article in National Mortgage News.  It presses home the same message as my blog. Time is of the essence for those buyers presently in the home buying process … but even more so for those that are contemplating a home purchase or refinance of their present mortgage within the near future.

  Simply said, taking action NOW is much better than later … when it comes to costs associated with mortgage financing.  Wait too long, and you’ll pay more.>

  So, my suggestion is this … should you even be flirting with the idea of buying a home or refinancing … start gathering the information and financial documentation that will be REQUIRED by your mortgage lender when applying for your loan.

Should you decide not to buy, no harm … no foul.  At worst, your financial records are probably better organized than they were previously.  But if you DO decide to pursue home buying or refinancing, you’ll be ahead of the game, ready to go, and be much better positioned to advance your mortgage application and mortgage processing quickly.  And possibly save yourself from those rising costs being talked about.

 What documents and information are needed when you apply for mortgage financing? 

Below you will find a handy list of those things that you will be REQUIRED to supply almost any mortgage lender at the time of your mortgage application.  It’s the same list I make available for my clients and for download at my website.  The REQUIRED Information  and Documents list can be found at:

List of Information and Documentation Needed When Applying for a Mortgage
Basic Information: 
  • Last 2 years W-2’s and Tax Returns
  • Last 30 Days consecutive Pay stubs
  • Name, Address, and Telephone Number(s) of your Employers for the past 2 years
  • Last TWO (2) months Bank Statements (ALL pages) or 60-Day printout of accounts from the Bank that is stamped and signed by a representative of the Bank.  (Including 401K, Credit Union, Profit Sharing, etc.)
  • Copy of your Social Security Card(s).   (FHA/VA only) and Driver’s License (ALL Borrowers to be involved in the mortgage)
  • Name, Address, and Telephone Number(s) of your Landlord … and the amount of the Rent Payment (Renters only)
  • Application Fee
  • Signed (and legible) Real Estate Sales Contract and ALL Riders on home being purchased
  • Names and Phone Number(s) of Real Estate Agent, Real Estate Attorney, and your Insurance Agent
  • Copy of Earnest Money Check (as available)
Miscellaneous Information Needed – If Applicable:
  • Recorded Divorce Decree(s) or Separation Agreements  (ALL Pages).
  • Recorded Bankruptcy Discharge and Schedule of Creditors
  • Most recent Social Security Award Letter or Pension Award Letter
  • Filed and Stamped Release of any Judgment and Paid Receipts of all Collections
  • 12 Month Court Print-out of Receiving Child Support
  • Address and Information on any other Real Estate-Owned
Self-Employed Buyers:  In Addition to Basic Information
  • Year-to-Date Profit and Loss Statement with complete Tax Returns  (Last 2 years Filed)
Veterans:   In Addition to Basic Information
  • Copy of DD-214
  • Original Certificate of Eligibility
     It costs you nothing to talk to me or your own mortgage lender.  Why not find out what options are really available to you? Why not find out IF home buying is a possiblity?  And When?  Why not find out HOW you could accomplish buying … or move closer to that reality?
     Gather the information and financial documents  on this list.  Get prepared … be ready to take action … and make that contact!

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