What does it take, when wanting to buy a home, regarding necessary paperwork for qualification by a lender or mortgage broker?
If you want to buy a Santa Clarita home, or a home elsewhere, and are going to need to borrow money to do so, you are going to want to pay attention.
First, let me start with being a top Realtor, I know for a fact that not all lenders are created equal. That goes the same with Real Estate agents. They aren’t, so make sure you are vetting each entity properly.
There are three types of real estate lenders. They are Credit Unions – Mainline Banks – and – Mortgage Brokers.
When I was growing up, the general feeling was, to borrow money to always go to the source – a Bank or Credit Union. Most at that time opined that the Mortgage Broker costed more.
Today those views have reversed. I say this, in general, because as I said – not all lenders are created equal. You will see with some of the Credit Unions and Mainline Banks, you are not going to get the service you need or deserve. Your contact may not be available on weekends, after hours and during holidays. In some cases, you will not even be given or allowed to have their cellular phone number.
We see that Mortgage Brokers are seemingly more nimble. They have access to their own money(direct lender), and they have access to mainline bank money and other investor money. In some cases, they have access to over 200 sources of money for your home loan and or real estate refinance.
Here are the items needed by most of the lenders with whom we know to be the best in the Santa Clarita lending business:
- A signed borrower’s authorization.
- 2014/2015 ( or last two years) Federal Tax returns “1040’s”, with all schedules and all pages. (Corporate taxes if you file a separate return).
- 2014/2015 W-2 forms.
- Most recent pay stubs for 30 days.
– If you receive bonuses, overtime, commissions, etc… Please provide the year end paystubs for December 2014 and December 2015. That will be helpful for averaging the additional income.
- 2 months complete bank statements for all bank accounts, please include all pages.
- Copy of your current mortgage statements (1st and 2nd if you have one), Property tax bill, home owner’s insurance statements and HOA statement. (we need to determine all debts on the current property) If you own.
- In the event a divorce has taken place in the past a copy of the recorded Divorce Decree is necessary to determine the presence of spousal support, child support or property obligations. Please provide if applicable to your loan scenario.
- Copy of your form DD 214 (Veterans only)
- Driver’s license or California IDs
- Social Security cards
Answers to these questions
I also need you to answer the following questions so I can complete the loan application:
- Employer for the last 2 years.
- What is the work address?
- How long you have been on your job?
- How long have you been in that line of work?
- What is your position?
- What is your current address?
- How long have you lived at your current residence?
- How much is the payment?
- Do you own or rent?
- Do you have any dependents and if so what are their ages?
- Please also let us know what all your contact numbers are Home, work, and cell.