Mortgage Advice

Save Money. Save Time. Take Control.

Mortgage Disclosure

Checking & Savings

• Before You Apply

What to do to prepare up to a year in

advance of your mortgage application.

• Can You Trust Your Loan Officer?

Who does your loan officer really work

for, and how do you find the best one?

• Lender, Broker, or Bank?

What type of loan Provider is right for

you?

• Types of Mortgage Loans

The types of mortgage loans and

their advantages and disadvantages.

• Types of Documentation

Your options for disclosing how much

you make and where it comes from.

• Underwriting

What does an underwriter look for

when analyzing your loan application?

• Pre-Approval

What it is and isn't and how it saves you

time and heartache.

• Credit

What it is, and how it affects your life.

• Income & Employment

How much you need to make and for

how long in order to qualify.

• Assets/ Down Payments

How much, where from, and what kind

of money will work.

• Down Payment Assistance

Short on funds? Learn about your

options and explore these resources.

• Processing

What happens to your application after

you sign it and before you close?

• Title

What is it, what does it mean, and how

does it work?

• Appraisals

What is your home worth, why you

should bother to find out, and how

does it affect your loan?

• Alternate Financing

Facing rejection? Time to get creative.

• FHA

Low down payment, forgiving

qualifications. A great loan option.

Checking, Savings, & Money Market Accounts

In order to document the funds contained in your bank

account your lender will ask you to provide copies of 2 to 3

of your most recent bank statements. Most lenders request

two months bank statements, but some still ask for three.

Some lenders still send a "Verification of Deposit" to your

bank in order to determine your current bank balances and

average balance for the last two months. Generally however,

lenders to verify with bank statements.

It is best if the money you are using for the down payment

and closing costs has been in the bank for the entire period

covered by the bank statements. These are known as

"seasoned funds." Your lender will ask you to explain any

large deposits and document their source.