HOME BUYER TIPS - LENDER CHECKLIST
If you are considering buying or selling a property, there is one quick way to find answers to all your questions: Just Ask Allen
Home Buyer Tips - Lender Checklist
If you are considering buying a home, you want to hit the market well armed to make and offer when you find "the" right property. Here are some tips on how to go about it:
Get pre-approved. Many real estate professional won't show you properties unless you've been pre-approved for a mortgage. And you'll need a pre-approval letter to even negotiate with sellers; most experienced listing agents will advise their clients to demand a pre-approval or pre-qualification letter up front when an offer is made.
The difference between pre-approval and pre-qualified. A pre-approved buyer is one whose credit has been pulled by the mortgage broker or banker; pre-approvals are taken far more seriously than a pre-qualification when a Buyer submits an offer on a property.
When you have a contract, what you need for a mortgage:
- W-2 Forms or Business Tax Returns - a minimum of 2 years
- Copies of at least one pay stub for each person applying
- Account number and balances of credit cards
- Lender, loan number and amount owed on any loans
- Addresses for the lst five years; include landlord contact info
- Copies of brokerage statement for the last 2-4 months
- A list of all assets (stocks, bonds, RV, boat, etc)
- Documentation of additional income (child support, etc.)
- Copies of personal tax forms for at least the last 2 years
Five things which affect your credit:
- How much you owe
- The types of credit (car loan, credit cards, etc.)
- The length of your credit history
- How much new credit you have
- Your payment performance history (whether or not you paid on time)
Feel free to call me at your convenience for a no-obligation conversation about your home shopping or selling goals!
Submitted by:
Allen Duhé, Realtor, GRI, CRS, MBA, Licensed in Louisiana, Van Eaton & Romero, A Latter & Blum Company, ERA Powered, 2000 Kaliste Saloom Road, Suite 101, Lafayette, Louisiana 337-254-7812 (cell) 337-291-4724 (direct) 337-233-9700 (main)