The Boy Scouts are right "Be Prepared"
If you are considering purchasing a new home in the new year, take advise that we learned as kids, " be prepared " & it will avoid a great deal of heartache.
Be Prepared.
That's the motto of the Boy Scouts.
"Be prepared for what?" someone once asked Baden-Powell, the founder of Scouting,
"Why, for any old thing." said Baden-Powell.
The Boy Scout motto is really good advice. Most times when clients call me for a mortgage loan it takes them days and sometimes more than a week to get all of the required supporting documents for the loan. By 'being prepared' they could save time, stress and perhaps take advantage of exceptional deals. Sometimes in the mortgage business a rate will only be available for a few days; sometimes only for a few hours.
How can you 'be prepared' even if you are not seeking financing or a mortgage loan? By your record management. Some people are very high tech and have all of their financial data on a computer or a CD.But, for those who still live in the paper world like me I suggest you set up a filing system that has all of the following.
Income Taxes- Loans only require Federal taxes but most loans require 2 and sometimes 3 years of taxes along with supporting w-2's
Bank Statements- keep at least the last two months. For a mortgage loan you will need every page even if it is page 32 of 32 and it is blank
Proof of Income- This includes the past months pay stubs or other proof of income - retirement checks, etc
Other Assets- If you are using them for a loan you will need two show the past couple of months- every page
Copy of SS Card- This is being asked for more and more by banks
Insurance Papers- For a mortgage refinance the first page of your homeowners insurance policy will be required.
Old Mortgage Papers- Deeds and Notes.It is a good idea to keep these because so many times people come to me wanting a refinance and they did not realize they had an excellent loan !
Your last Mortgage Loan Application- if you have this then you can pencil in the changes. It is easy for you and the loan officer.
If you keep these things all together in a filing system then when you apply for a loan they will all be together. You will be able to gather them quickly and perhaps take advantage of a favorable loan.
This will save you time and stress......The Boy Scouts are right, "Be Prepared."
Doug Jones
Mortgage Magic
NMLS 286668
(408) 975-2400 x 110
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