The Loan Application Process
The Loan Application Process
Once you find a lender that fits all of your requirements, you will begin the process of getting qualified and subsequently applying for the loan with your lender.
PRE-QUALIFICATION W/ CREDIT REPORT:
This is typically a shorter application that will give you the power of knowing how much money you can expect to be able to borrow.
This will allow you to know what to plan and/or shop for including the general loan/Mortgage Programs and Rates
Once you are ready to fully apply for the loan and/or you find the property you want to purchase - The next step is the Application process and Submission of the supporting Documentation.
Below is a list of the Information and Documentation your lender will look for
CURRENT EMPLOYMENT:
Employer name, address and contact info
Time on job
Position in company (title)
Wage/Salary including overtime, bonuses, tips & commissions
BORROWER INCOME INFORMATION:
W-2's for last 2 years
For self-employed include P&L (Profit and Loss) Statement
Expected Annuities, Pensions, Social Security (must continue for a minimum of 3 years after loan)
Government financial resources received
Child support due if any
Alimony payments
Income producing assets
VA BENEFITS:
Include supporting documents if you are owed any VA military benefits.
Get the Certificate of Eligibility (COE), if applicable, from the VA.
ASSETS:
All bank accounts including your savings, checking, co-mingled business accounts & brokerage accounts
Real Estate
Total Investments including but not limited to retirement, stocks & bonds accounts
Recent or qualified contracted immediate future income
Down payment received as a gift from a family member
DEBTS:
Current housing Expenses - Rent/mortgage
Any Liens against you personally or your property
Alimony payments
Child support
Vehicle loan/debt
Credit card balances
Other Real property (Real Estate) debt
SUBJECT PROPERTY INFORMATION:
All Real Estate & Property taxes.
Street address
Contracted purchase price & closing date (if loan is for property purchase)
Type of property - residential, commercial, single family, multi family, condominium, etc...
Lot and Structure square footage
HOA (Homeowner’s Association) fees
FINANCIAL BLEMISHES:
Having any of the following does not eliminate you from consideration.
The lender will look at a variety of factors including the dollar amounts, # of payments, Time since last incident and overall financial habits.
Lenders take into consideration-
Late Payments
Bankruptcies
Collections
Foreclosures
Delinquencies
TYPES OF LOAN:
Understanding the types of loans that will be available to you based on the above details submitted.
Many time the lender will ask what time of loan you are looking for.
While your details will determine, which loan you qualify for, it is best to know your options before applying for the loan.
You should at minimum look into…
Fixed Rate Loans
ARMs (adjustable rate mortgages)
Forward mortgage
reverse mortgages
GPM (Graduated Payment Methods)
Conventional
Non-Conventional
Conforming
Non-conforming
Government insured loans including VA, FHA, USDA
Jumbo loan packages
VA loans
VISIT LINK BELOW FOR MORE INFORMATION:
http://accesspropertyloans.com/
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