How to find the right mortgage lender?

Don’t worry about your finances, choose the professionals who’ll take care of them. 

Before you schedule your first home tour, get prequalified for a mortgage. You don’t have to think about it on your own. We’re here to help you. With years of market experience, we’ve learned how important a trustworthy mortgage lender is on your real estate journey. Put your faith in a leading lender recognized for exceptional customer service and competitive offers. Choose a business that pairs knowledge, an individual approach, and integrity, and takes care to deliver the best results for you.

Here’s a checklist to help you get started on buying the home of your dreams before you choose the professional you want to work with. 

1. Personal documents
   You’ll need two forms of government-issued ID, your Social Security number, divorce papers (if applicable), and proof of ownership of other property.
2. Review your credit report
   You can do this free of charge. Dispute any errors and explain late payments or other derogatory items. Then keep your credit score healthy by avoiding new credit inquiries, closing any credit accounts, or lowering limits with creditors. Doing any of these things could lower your credit score. 
3. Tax returns
   You’ll need to provide tax returns for the previous year, and potentially for the last two years.
4. Proof of income
   Gather W2s, paycheck stubs, 1099s, or a year-to-date profit and loss statement if you’re self-employed. You’ll also need to show other income sources such as Social Security, child support (and proof of children’s ages), or government assistance.
5. Proof of assets
   Provide bank statements, mutual fund statements, and account balances for retirement accounts, 401 (k) s, IRAs, and any money held in the stock market.
6. Debt summary
   You’ll need to provide a summary of your debts, monthly payment amounts, child support payments, and balances for credit cards, student loans, car loans, and other property loans.
7. Financial issues
   You may need to provide a written explanation if you’ve had bankruptcy or other financial issues in the past.
8. Down payment and closing money ready
   Have these funds ready in your bank account. If you received this money as a gift, you might need to provide a letter from the gifter explaining the gift is not a loan.
9. Renting
   Compile proof from the past year, such as canceled checks or money orders, to show you paid rent on time.
10. Mortgage pre-approval successful
    Do some comparison shopping and contact other lenders. A home is likely the largest purchase you’ll ever make, so do your homework to get a competitive deal. 

Applying for your first mortgage? Get in touch with us! We’d be happy to walk you through the process and help you find the mortgage lender you can trust.