This is a quick list of mortgage companies that would be helpful to talk to as you are determining who you want to handle your loan. While his is no guarantee of the services you will receive from any of these lenders, they are a good start! You may also want to talk to your current banking institution and your accountant!
NEW SOUTH FEDERAL SAVINGS
PAT LONGWORTH
978·1969
FOUNDATION MORTGAGE
682-3200
SOUTHERN CAPITAL RESOURCES
823·1727
This is a list of items that a lender will typically need from you to prequalify you for a loan. Even if you are pretty sure that you cannot afford a home at this time, a loan officer can help you put together a plan that will get you there - whether it be tomorrow, next month, or next year!:
- Social Security Number - copy of your Social Security Card
- Residence Address and Landlord/ Mortgage past 2 years
- Name and Address of each Employer past 2 years
- Gross Monthly Salary - past 2 years complete Tax Returns and W2's
- Names, Addresses, Account Numbers, Balances on all Checking and Savings Accounts
- Copy of Bank Statements - past 3 months
- Names, Addresses. Account Numbers, Balances. Monthly Payments on all Revolving Charge Accounts. Monthly Installment Loans, and any other debt
- Addresses of other Real Estate owned and Loan information
- Pay Stubs - last 30 days
- Credit Report and Appraisal Fee
- VA only - Certificate of Eligibility and DD214
- FHA - Copy of Driver's License
Some of these items are only for certain types of loans. Not all of this information is necessary for your initial interview, but you will be needing at least items 1-10, so get them ready as soon as possible! The purchaser who has already been given a prequalification on a loan is the purchaser with an edge when it comes time to negotiate a contract. When you are trying to find a mortgage company/ loan officer, ask you friends, family, and associates if they have had particularly good (or bad) experiences with anyone. Look at several lenders - they may be lending you money that you need, but you will be paying for it - would you not look at several stores if you were buying any other big ticket item like a car, appliance, or furniture? When interviewing a potential loan officer, find out what kind of credentials they have, ask for personal references. Let them know what your situation it and ask them what they can do for you - you want to find someone who will personalize the loan to your needs, current and future. Sometimes, they need to get creative, and if they aren't able to do so, you may need to look elsewhere. If course, finding an institution with the most competitive rater is important, but be sure that your net, your bottom line is the best it can be.
It is also important to find a loan officer with whom you feel comfortable - they will be a major part of your life for a while, and if you aren't comfortable with them or feel that communications between you is lacking, this could well effect your loan.
Also, it is a good idea to hold off on making large purchases that will be financed prior to getting a loan.
Such purchases will impact your credit and the amount of money you will be servicing monthly. Both of these things will have an effect on your home loan application.