Time COULD be Money ... Should you Delay TOO Long. Be Prepared to Make Your Mortgage Application

Reblogger Norma Toering Broker for Palos Verdes and Beach Cities
Real Estate Broker/Owner with Charlemagne International Properties BRE# 01147470

If 2012 is your year to purchase a Palos Verdes home, there is no time like the present to begin the process.  One of the first things to do is speak with a lender and begin the pre-approval process. Here's a great checklist of items your lender will need.

Begin preparing today as you may find the right house tomorrow! Thanks for this valuable information Gene.



Time COULD be Money ...
Should You Delay Too Long.
Be Prepared to Make Your Mortgage Application
     A short while ago, I wrote a blog regarding the upcoming increases that will be coming to mortgages as a result of recent government Enactments regarding Fannie Mae and Freddie Mac.
     I found a recently-written article in National Mortgage News.  It presses home the same message as my blog. Time is of the essence for those buyers presently in the home buying process ... but even more so for those that are contemplating a home purchase or refinance of their present mortgage within the near future.
Mortgage Costs Rising blog from Gene Mundt Chicago Bancorp mortgage lender    

     Simply said, taking action NOW is much better than later ... when it comes to costs associated with mortgage financing.  Wait too long, and you'll pay more.

     So, my suggestion is this ... should you even be flirting with the idea of buying a home or refinancing ... start gathering the information and financial documentation that will be REQUIRED by your mortgage lender when applying for your loan.
     Should you decide not to buy, no harm ... no foul.  At worst, your financial records are probably better organized than they were previously.  But if you DO decide to pursue home buying or refinancing, you'll be ahead of the game, ready to go, and be much better positioned to advance your mortgage application and mortgage processing quickly.  And possibly save yourself from those rising costs being talked about.
    What documents and information are needed when you apply for mortgage financing? 
     Below you will find a handy list of those things that you will be REQUIRED to supply almost any mortgage lender at the time of your mortgage application.  It's the same list I make available for my clients and for download at my website.  The REQUIRED Information  and Documents list can be found at: www.genemundt.com/Required-Mortgage-Docs.html.

List of Information & Documentation Needed
When Applying for a Mortgage
Basic Information: 
  • Last 2 years W-2's and Tax Returns
  • Last 30 Days consecutive Pay stubs
  • Name, Address, and Telephone Number(s) of your Employers for the past 2 years
  • Last TWO (2) months Bank Statements (ALL pages) or 60-Day printout of accounts from the Bank that is stamped and signed by a representative of the Bank.  (Including 401K, Credit Union, Profit Sharing, etc.)
  • Copy of your Social Security Card(s).   (FHA/VA only) and Driver's License (ALL Borrowers to be involved in the mortgage)
  • Name, Address, and Telephone Number(s) of your Landlord ... and the amount of the Rent Payment (Renters only
  • Application Fee
  • Signed (and legible) Real Estate Sales Contract and ALL Riders on home being purchased
  • Names and Phone Number(s) of Real Estate Agent, Real Estate Attorney, and your Insurance Agent
  • Copy of Earnest Money Check (as available)
Miscellaneous Information Needed - If Applicable:
  • Recorded Divorce Decree(s) or Separation Agreements  (ALL Pages).
  • Recorded Bankruptcy Discharge and Schedule of Creditors
  • Most recent Social Security Award Letter or Pension Award Letter
  • Filed and Stamped Release of any Judgment and Paid Receipts of all Collections
  • 12 Month Court Print-out of Receiving Child Support
  • Address and Information on any other Real Estate-Owned

Self-Employed Buyers:  In Addition to Basic Information
  • Year-to-Date Profit and Loss Statement with complete Tax Returns  (Last 2 years Filed)
Veterans:   In Addition to Basic Information
  • Copy of DD-214
  • Original Certificate of Eligibility 
Mortgage Costs Rising blog from Gene Mundt Chicago Bancorp mortgage lender     It costs you nothing to talk to me or your own mortgage lender.  Why not find out what options are really available to you? Why not find out IF home buying is a possiblity?  And When?  Why not find out HOW you could accomplish buying ... or move closer to that reality?

     Gather the information and financial documents  on this list.  Get prepared ... be ready to take action ... and make that contact!

Ready to take action?  Thinking of buying soon or in the future?  Need some financing and credit questions answered?  Contact me!  I'll put my 35 years of mortgage experience and expertise to work for you.  Together we'll discover the options that exist for you in today's market.
     I can be contacted at any of the following:
Direct:  815.277.4036  Cell/Text:  708.921.6331
Skype:  630.219.1316

                                Click Here 4 a: NO Cost NO Obligation Mortgage Consultation




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Gene Mundt, Sr. Vice President - Chicago Bancorp mortgage lender      Gene Mundt, Sr. Vice President

Personal NMLS #216987

Chicago Bancorp NMLS # 63483

1823 Centre Point Circle, Naperville, IL  60563      

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Now on Skype!   630-219-1316




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Malcolm Johnston
Century 21 Lanthorn Real Estate LTD., Trenton, Ontario - Trenton, ON
Trenton Real Estate

Great re-blog Norma, Gene always has some very solid advice about financial matters.

Jan 23, 2012 05:00 AM #1
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Malcolm - My blog will be featuring more of Gene's great advice...I rarely write about the financial ins and outs of a real estate transaction but it is vital to have a top financial person on call.

Jan 23, 2012 05:41 AM #2
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Palos Verdes Luxury Homes in L.A.
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