CA DRE #01212591 - NMLS #225932 - Equal Housing Lender
Make no mistake, there's a lot involved in getting a mortgage loan. I'm here to do most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity check.
There are four main steps involved in getting a loan. You'll see that I've made your part in them as easy as possible, and I do all the work! That's what I'm here for.
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Step one: determine how much you can borrow |
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This is a function of a couple things. How
much of a monthly payment can you afford? And given your unique credit and
employment history, income and debt, and goals, how much will a lender loan
you? I can help you determine the answers to these questions, and help you evaluate different scenarios to see what options are available to you. Based on standard lender guidelines, I'll get you a
good idea of what kind of terms and loan program you can expect to benefit most
from.
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Step two: pre-qualify for your loan |
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This is where the rubber meets the road and
you save the most money. You supply information about your employment, your
assets, your residence history, and so on. I get your permission to run
your credit score. When I review all this information I give you a Prequalification
Letter. Handle it with care -- to a home seller, it's like a suitcase full of
cash! Your realty agent will use your Pre-Qual (as they may call it) to make
the best offer on the home you choose, and the seller knows you're
pre-qualified. It gives you buying clout! And while you're picking out the
home that's right for you, I'm busy finding the loan that's right for
you.
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Step three: apply for your loan |
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Once you've made an offer and it's been
accepted, it's time to complete the loan application. This can be done over the phone or in person - it's up to you. When the time is right, I'll order an appraisal of your
new home.
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Step four: your loan is funded |
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Your realty agent and the sellers will work together to designate an escrow/title company to handle the funding of your loan once it's approved. I'll coordinate with the escrow company to make sure all the papers your lender will need are in order, and you'll sign everything at the escrow/title company's office. |
Loan Application Checklist
What information will be needed for the application (and how it's kept private)
Anything you submit over my website is 100 percent, fully secure. And I never, ever share it with anyone except by permission -- that is, if you're giving me information you want me to use to get you the best loan, I use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure.
Here is a list of the information mortgage lenders will use to consider your loan application.
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For all loans |
Social Security Number, for borrower and co-borrower if any.
Employment History
For the last two years, employment dates, addresses, salary.
Current pay stubs or W-2 forms.
Check and Savings Accounts and Certificates
of Deposit
Location of bank accounts, account numbers and balances;
Address of bank if out of town
Last 3 months' statements
Stocks, Bonds, and Investment Accounts
Broker's name and address, description of stocks, bonds, etc.
Last 3 months' statements or copies of stock certificates
Life Insurance Policies
Insurance company, policy number, face amount, cash value, if any
Retirement Plan
Approximate vested interest value
Copy of latest statement
Automobiles
Make and model of automobiles, their resale value
Other Assets
Market value of personal and household property
Liabilities and Other Non-Mortgage Debt
Creditors names, addresses, account numbers
Monthly payments and balances
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Other income information you may need |
If you're self-employed:
Two years tax returns, profit and loss statements, both company and personal if
separate.
Current balance sheet and profit and loss statement if more than two months
into the new fiscal year, signed by CPA.
If you have income from:
Commission
Overtime
Bonus
Partnership
Rental Property
Trust
Notes Receivable
Interest/Dividends
You'll need two years' personal federal tax returns
If employed in family business:
Personal federal income tax returns
and all schedules for the past two years
If divorced or separated:
Complete executed divorce decree and
settlement agreement
Payment history of alimony/child support over the past 12 months, if it is a
financial obligation.
If you choose to have this be considered as part of your income (you don't have
to), be prepared to provide 12 months canceled checks or bank statements
reflecting income deposits.
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If you own real estate |
Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances
If you've sold your home but not closed:
A copy of the sales contract
If you've sold your home, closed, and you
will use the proceeds for your new down payment:
A copy of the HUD-1 Uniform
Settlement Statement
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If you rent |
Name, address and phone number of landlords for the past 24 months
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If you're buying a home |
Purchase sales contract or offer to purchase
and all addenda
Furnish contract with original signatures of buyer and seller
If a source of your down payment is a
gift:
Name, address and relationship of
donor.
Gift funds will be verified in both the donor and recipient's accounts.
Note: Not all loan programs allow gifts to be part of your down payment.
For FHA Financing
Evidence of Social Security Number
and photo identification
For VA Financing
DD214 and Certificate of Eligibility
Signed construction with cost breakdown, builder plan and specifications
