Section Subtopics Before You Apply 6 Months 3 Months 1 Week Do's Don'ts 10 Questions For Your Lender

1 Week

  At this point, everything should be in place; the down payment

  should be in the bank, the houses should be narrowed down to

  around ten, and your enthusiasm should be somewhere near the

  roof.  Spend this week doing two things: shopping for a lender and

  assembling the necessary documents.

  Shopping for a lender is a during-lunch-at-work or at

  home-in-the-evening activity.  It will consume a couple hours of

  your time; talking to ten prospective lenders is a reasonable goal.

  Where do you find them?  Get referrals from friends, call local

  lenders in the phone book, and request quotes from lenders online.

  Narrow your search by asking the questions you are most

  concerned about (here are a few suggestions), and getting a feel

  for the character of the loan officer.  Trust your gut feeling.   

  Assembling the necessary documents is a search through file

  cabinets or desk drawers.  It will take shorter or longer depending

  on how well you have collected and kept your records.  Different

  lenders will require different documents for verification, but

  generally it is safe to assume you'll need these items:

    1. 3 most recent bank statements

    2. W-2s from the last two years

    3. paystubs from the last month

    4. statements for the assets you'll be using for the down payment

    5. Gift letter, if applicable

    6. Earnest Money Deposit receipt, if applicable

    7. driver's license/state i.d. card

    8. social security card. 

  Keep these items handy in a special mortgage file you can bring to

  the application interview.

 

1 Year | 6 Months | 3 Months | 1 Week | Do's | Don't's | 10 Questions