Financing: What You Should Know!

Financing Your Home

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One of the most crucial aspects of purchasing a home is the financing. Even for an experienced buyer, choosing the right mortgage can be a confusing decision with all the mortgage products available.

The type of mortgage that is right for you depends on many factors. Your current financial situation and credit history, expected change in circumstances or family size, comfort level with the "risk" of an adjustable mortgage payment change, length of time you plan to stay in the home you wish to purchase are all possible considerations.

The best way to sort through the options available is to talk with a mortgage loan officer. Call your bank or mortgage company to set up an appointment for a loan pre-qualification or pre-approval. A pre-qualification is an estimate of the amount of mortgage you are likely to qualify for. It is not binding on the financial institution. A pre-approval is an actual loan commitment prior to a signed purchase agreement on a specific property. I would be happy to supply you with a list of mortgage sources.  


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Documents For Loan Application

  • Pay stubs for last 30-day period

  • Installment Loan Balances

  • Last two years:
    Signed Federal Income Tax Returns
    W-2 or 1099 forms

  • Last three months:
    Bank Statements
    Retirement or IRA Statements
    Mutual Funds or Stocks

  • Copies of:
    Sales contract
    Homeowners Insurance Information
    Leases on property you own
    Gift letter and copy of check
    Divorce and child support documents
    Separation papers
    Closing statement on recent property sale

  • Explanation of:
    Source of down payment and closing costs
    Late, slow or no payments

  • If Self-Employed:
    Signed copies of last two years' business tax returns
    Year-to-date profit & loss statement
    Personal financial statement

Your loan officer may make additional document requests depending on mortgage program available and your financial situation.

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