THE MORTGAGE PROCESS

One of the most important steps in purchasing a home is to work with the best financial institution. There are many critical differences between banks, credit unions, mortgage companies and mortgage brokers. The wrong choice can result in additional costs and years of headaches. Financing is explained in great detail as part of my Real Estate 101 class.

What you will need to begin the mortgage process

• Name and address of all employers for the last two years with dates of employment (Human Resources office and phone number)
• W-2 forms for last two years
• Paycheck stubs covering the most recent 30 days (computer-generated)
• Bank statements for the previous three months; also include institution name, address, account number(s) and balance(s) for all accounts
• Asset account statements, i.e., IRA, 401K, mutual funds, stock, etc..
• Account number(s), balance(s) and monthly payment(s) for all outstanding creditors, i.e., credit cards, car loans, student loans, signature loans, etc..
• Previous addresses for the past two years
• Personal check to pay for appraisal and credit report