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Mortgage Application Proper Planning for Bronx Residents
Mortgage Application Proper Planning for Bronx Residents  
 
 

 

 
With good preparation, most things are easier. That works in mortgages too! Today, I want to give you some ideas that can make your mortgage experience less painful.
 
Income Items:  
1.     Gather your documents. Today, many people will have to produce 2 years’ complete tax returns, including W2′s, 1099′s, K1′s, and all the schedules, as well as a month’s worth of pay stubs.
 
2.    Be prepared to explain them. Deductions in your returns and your pay stubs may impact the income your lender will use to qualify you which, in turn, has a big impact on the loan you will get.
 
3.    Have a breakdown of base pay versus overtime for both your pay stubs and 2 years’ W2′s. Lenders treat overtime (and bonus income) differently than your base pay. Be prepared to explain any changes over the last few years because your loan officer will ask you about it.
 
Asset Items:  
1.    Start accumulating your bank statements. Lenders look back 3 months from when you sign your contract of sale.
 
2.    You will have to explain any and all ... more

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