Value and Benefits of Starting Your Loan Process Now
You will want to start the loan process early and obtain pre-approval for a loan.
- Determine a maximum loan amount for qualification on purchasing (this will save you time in viewing properties that are out of your price range).
- Learn all the financing options and special loan programs available to you.
- Discover any credit issues that may need to be corrected.
- Know the total cash needed for your purchase.
- Know what financing concessions/closing costs can be negotiated with the seller on your behalf.
- Remember, the negotiating position of a buyer is greatly strengthened if a loan is in place.
Prior to visiting with your loan officer, obtaining the documents listed below will help expedite the loan process. To help organize the process, use the following easy-to-reference checklist. For reduced document or no document loans, please contact your loan officer.
- Copy of sales contract.
- Residence address(es) for past two years (if renting, include Landlord’s address & phone number).
- Employer's name(s) and address(es) for past two years (if self-employed, tax returns for two years).
- W-2s for past two years and most recent one month of pay stubs for most recent thirty day period.
- Names, addresses, account numbers and balances of all liquid assets including checking, savings, investments, IRAs, 401K, etc.
- Last two months’ statements on the above accounts.