How fast your loan closes is often up to you.
I tell folks two things these days and both can result in great opportunity. There is an abundance of inventory (houses) in most markets and the money (interest rates) is still cheap. That said, Lenders & Banks are combing through files with a fine toothed comb these days; everything has to be pretty much perfect. No more of the days of throwing things against the wall, lax & scattered documentation, or loan files that are missing this or that or that other thing they are asking for, other than that blood sample;-)
So, if you aren't informed... it's time to become such. You, the consumer, have more power than you think in your mortgage loan closing sooner rather that later. Create a file, whether you are a renter or current homeowner, of the things I will mention below. When the time comes to buy a home or refinance the one you are already live in, it will make your life that much easier. If you are looking to refinance, only a few things from the first few lines apply to you...
* Last 2 years W-2's and 2 most recent pay-stubs
* If you are a renter, have your Landlord's name, address, and phone number handy. Make sure you have that info for the last 2 years of your rental history.
* Make sure, if you are renting, to pay your rent by check. Keep copies of your last 12-24 months of cancelled rent checks. This gives you a documented housing history, that's HUGE in the Lender's Financial Eyes.
* When you find that home of your dreams, or at least the one that will be your starter home, a signed sales agreement from all parties (buyer and seller) will be needed.
* Typically, the only money out of a pocket prior to closing is for the appraisal. It is a third party fee, paid directly to the professional who will do a market evaluation of the worth of your home.
* Last 2 Months Bank Statements (All Pages) & the most recent statements on all asset accounts (401K, IRA, Mutual Funds, Retirement, Etc.)
* If you are Self-employed, you'll need the last two years tax returns with all schedules and attachements... along with a year-to-date Profit & Loss for your business.
* For purposes of identification, you'll need copies of your social security card and photo I.D. (typically your Driver's License)
* If you are refinancing, you'll need many of the things above... but will also need your most recent mortgage statement & homeowner's insurance deck page (which is the top page of your homeowner's insurance). It's also a good idea to get copies of your most recent statements on all other accounts you want to pay off... assuming you want to consolidate high interest debt.
* If you own more than one property, you'll need the most recent Mortgage Statement, Homeowner's Insurance Deck Page, & copy of any leases you have on rentals.
* Any credit issues (late payments, bankruptcies, judgements, etc) must be addressed in a very detailed credit explanation letter and appropriate supporting documentation, if applicable.
* If you aren't currently escrowing your taxes, you will need copies of paid/unpaid tax bills.
* Retirement/Social Security award letters if you are receiving that type of income.
This isn't an extensive list, but it will give you one heck of good start. You have more control than you think, if you don't believe me... I cite a legendary cartoon... G.I. Joe. "Knowing is half the battle."
So, if you aren't informed... it's time to become such. You, the consumer, have more power than you think in your mortgage loan closing sooner rather that later. Create a file, whether you are a renter or current homeowner, of the things I will mention below. When the time comes to buy a home or refinance the one you are already live in, it will make your life that much easier. If you are looking to refinance, only a few things from the first few lines apply to you...
* Last 2 years W-2's and 2 most recent pay-stubs
* If you are a renter, have your Landlord's name, address, and phone number handy. Make sure you have that info for the last 2 years of your rental history.
* Make sure, if you are renting, to pay your rent by check. Keep copies of your last 12-24 months of cancelled rent checks. This gives you a documented housing history, that's HUGE in the Lender's Financial Eyes.
* When you find that home of your dreams, or at least the one that will be your starter home, a signed sales agreement from all parties (buyer and seller) will be needed.
* Typically, the only money out of a pocket prior to closing is for the appraisal. It is a third party fee, paid directly to the professional who will do a market evaluation of the worth of your home.
* Last 2 Months Bank Statements (All Pages) & the most recent statements on all asset accounts (401K, IRA, Mutual Funds, Retirement, Etc.)
* If you are Self-employed, you'll need the last two years tax returns with all schedules and attachements... along with a year-to-date Profit & Loss for your business.
* For purposes of identification, you'll need copies of your social security card and photo I.D. (typically your Driver's License)
* If you are refinancing, you'll need many of the things above... but will also need your most recent mortgage statement & homeowner's insurance deck page (which is the top page of your homeowner's insurance). It's also a good idea to get copies of your most recent statements on all other accounts you want to pay off... assuming you want to consolidate high interest debt.
* If you own more than one property, you'll need the most recent Mortgage Statement, Homeowner's Insurance Deck Page, & copy of any leases you have on rentals.
* Any credit issues (late payments, bankruptcies, judgements, etc) must be addressed in a very detailed credit explanation letter and appropriate supporting documentation, if applicable.
* If you aren't currently escrowing your taxes, you will need copies of paid/unpaid tax bills.
* Retirement/Social Security award letters if you are receiving that type of income.
This isn't an extensive list, but it will give you one heck of good start. You have more control than you think, if you don't believe me... I cite a legendary cartoon... G.I. Joe. "Knowing is half the battle."
Information
Contact Information
Rates
Rate: $1
Profile
Service Area: Pennsylvania
Years of Service: 7
Jason, you are right, it today's market, this may just be the start of the list we need. Have you had your blood typed lately? What is your white count? How high is your colestrol? Funny, but getting closer to the truth.
Jason - Your doing some great consumer's posts here...This is another one I would love to reblog. If only it was not a vflyer.
Now, I don't know if it is just new buyers I work with, but it seems my buyers are always asked for copies of W-2's and tax returns.
Jason, I know that even here, we are constantly bashing our heads against the wall because of a change in what qualifies as meeting a condition. It is becoming a PIA. AJ
Well said grasshopper. But that's dec page (declarations, not I'm going to deck you).
Beth - I'm gonna deck you;-)
AJ - It's a fight these days, that's why I should probably start investing in hair dye.
Sandra - Can't you reblog a vflyer?
Fred - Amen to that. I'm going to start asking for hair samples at the time of application;-)
Jason, great "getting all your ducks in a row" consumer tips post. It's never as easy as it looks in getting the documentation together.
Jason, as usual, you have great information here. Thank you for always keeping us up to date.
Jason- This is a great list! I wish all buyers agents would carry this along with them! And I wish that all loan officers would instruct their customers this way, and answer the damn phone when we call!
Are you charging one dollar? I'll take it! Can you redo it and sign it...then I'll pay you a dala if I can use it :)
Jason - I'm sure you can reblog a flyer, just unsure how the scroll bar will look on a reblog. More than likely I will test it out this week, for I love this post.
Gary - I suggest getting it all together so you have one, big file. Drips and draps of this and that tend to delay things...
Susan - Thank you for always saying nice things to me;-)
Katerina - Ahhhh, the infamous answering of one's phone. I can be accused of many things in my profession, some right...some wrong, but not answering the phone and returning phone calls in a timely manner is not one of them.
Sis - For some reason, I have to put something in there for the flyer to hit Google. No worries, this one is free of charge.
Sandra - Well, try it and see how it turns out. I'm not sure how it will translate over either.
Great info. I usually have a handout that I give all clients when they sign that application telling them what they need and the faster they give it to me, the sooner we close.
Jason, very valuable information for anyone considering the purchase or refinance of a home. This would certainly assist not only the prospective buyer, but the realtor and mortage broker as well.
Nancy - I haven't utilized a standard hand-out too often, at least not consistent enough in my mind. My usual way of handling it is on a case by case basis, and outlining what I need for their particular situation. That's partially why I wrote this, as a source I can come back too as an easy reference. In essence, a time saver.
Tim & Pam - Like I said, it's not all extensive... but it gives one a nice summary. It gives me, that forever needed reminder:-)
JASON.........................What a great idea for vflyers!! I love it.
I noticed the vflyer thing too. I wondered as to the usefulness of it. Very cool though. 90% of the time it's up to the borrower. 10% of delays are from ridiculous loan officers.
Missy - What I love is that every time I log on, there's your face as a testimonial on there. Very cool!
Larry - As far as the vflyer, it's a somewhat creative experiment in the making. I concur with you on the delays...
Jason, I love this. I know I get after loan officers sometimes, but I know they can only do what they can do. Sometimes our buyers are not as on top of things as we would like. I just signed up for vflyers, can I reblog this? It will be my first, but I think this is the kind of info our consumers need to know in that abyss of home financing!!
Clever use of a vflyer. I might use this on my site as well. I should just hire you :)
Audrey - Reblog away, thanks!
My Jennifer - You know I'd work for the low, low, price of free:-)
Oh you are a clever boy... with no pics it probably transfers to localism pretty well. nice job.
Then I have the perfect job for you mister! ;-) MWA & FWA!
Good info here. A very nice checklist.
Eleanor - Thank you my dear... I'm working on the 'clever' thing.
Jennifer - You know I'm up for the task;-)
Eric - Thanks, it's not extensive but it gives one heck of a starting point.
Jason, I had nothing to do with it, but it does make me smile. Aarron graduated from U of M and on my first support call we connected, Go Blue !
Oliver is a sweetheart their support of Vflyers is awesome.
"Knowing is half the battle"...
didn't they use that for Thundercat's too?
very good post as always Jason- you are truly a rock star dude! and deservedly so!
Gerry Suarez, Jr.
Your HUD Loan Pro!
Jason, I couldn't agree more. After my current battle with borrowers who don't want to provide anything I am going to begin every initial conversation with the fact that they hold the key in most instances. Either they can make this go smooth, or hold it up. Especially in these changing times it is imperative for the borrowers to be cooperative with the lenders.
Missy - I'm loving Vflyers, myself. It's folks like you that turned me onto them in the first place. Thanks!
Gerry - I did watch Thundercats but I'm not sure if that was their slogan as well or not. Thanks for the encouraging words, let's just hope I outlive most of them;-)
Lauren - Your last sentence couldn't reign more true. Thanks for stopping by.