allycyn bennett

Important Documents Your Lender Will Need From You.  Yea. It’s a crazy list!

Using this list of key documents, gather all the materials into one online folder so that you’re never scrambling to find the right paperwork.  We suggest dropbox or google drive.

• Copy of your driver’s license or passport
• Proof of regular rental or housing payments
• Copies of your two most recent paycheck stubs
• Copies of your W-2’s from the past two years
• Copies of your federal tax returns with all schedules for the past two years – state not needed

Are you self-employed?

• A statement of year-to-date profit-and-loss for the business
• Copy of any corporate tax returns and K-1’s for the past 2 years

Proof of assets:

• Copy of all current IRA statements, stock and bond accounts, or any other retirement or investment accounts for the past 2 years
• Copy of current bank statements for each account for the past 2 months
• Documents on the value of personal property like automobiles
• Forms showing the face amount and value of life insurance policies
• Copy of lease agreement for all rental properties
• Copy of any student loan deferment letter or agreement reflecting the monthly payment

Additional documents you may need:

• If you are divorced, a copy of the final divorce decree
• If you have filed for bankruptcy, the complete bankruptcy paperwork including discharge paperwork
• If you are an active veteran, a statement of service, DD-214, and Certificate of Eligibility

Shopping Your Loan? Here are some good questions to ask…

Print out the following list and keep it on-hand as you start shopping for your home loan. Meeting with loan officers can be overwhelming — this way you won’t forget to ask important questions.

• Is the mortgage fixed or variable?
• If the loan is fixed, what is the interest rate or annual percentage rate (APR) of the loan?
• If the loan is variable, when does the rate change? And how is the rate change determined?
• How long are quoted interest rates good for?
• Is the Good Faith Estimate guaranteed?
• What are the escrow requirements for taxes and insurance?
• Is there a penalty for paying off the loan early?
• Do you allow extra principal payments?
• How long do funds, say for a down payment, need to be in my bank account before closing?
• What are all the closing costs? Will you provide a written list?
• Are any of the costs or fees negotiable, or capable of being waived?
• Which financial firm will service the loan?
• How long does the funding process usually take? Are on-time closings guaranteed?
• What changes, such as employment changes, should I avoid before the loan closes?

For questions or comments please contact Allycyn Bennett with United American Mortgage Company at 949-717-7290 or Abennett@uamco.com

To find out the current value of your home please visit http://GetMyHomeWorth.com