With this being a full doc world right now, my lender associate, Neil Pulido, at Bank of America, mentioned to our networking group of Master Mind's the importance of obtaining the necessary financial information upfront from a client, especially on a jumbo loan. Given that the median price of real estate in my Santa Barbara market is currently $950,000, and in our high end, well over $2M, jumbo loans are big business.
This link is from MGIC the mortgage insurance company. It is a spreadsheet and will do calculations as well. http://www.mortgageinsurance.genworth.com/LenderServices/CashFlowAnalysisCalc.aspx
This will help us plant the seeds with our clients about what Federal Tax paperwork they may want to start compiling or working with their CPA on. Other items needed are bank/stock statements, paystubs and Profit and Loss statements.
Getting your loan information in order before making the offer is an easy way to make your escrow as smooth as possible and have happy customers!
Kathleen Barnato Prudential CA Realty 1170 Coast Village Road, Montecito, CA 93108
Serving the Southcoast of Santa Barbara County: Santa Barbara - Hope Ranch - Montecito - Beach front
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