Financing Tips

  • If you’ll be using financing, first get yourself pre-approved for a home loan by completing a loan application. This will tell you the price range of homes to look at and it will give you a competitive edge with sellers when you make your offer on the home that you finally choose to purchase. Be prepared to present your pre-approval certificate to the agent when you start to shop for a home.
  • When getting qualified for a loan, find out what types of loan programs you qualify for and what money is needed for a down payment and closing costs. Not all homes will qualify for every type of loan. It’s important to know this info ahead of time. Example: don’t try to buy a fixer-upper with a VA loan.
  • There are many types of lending institutions. Don’t be afraid to shop around, ask questions, compare costs, and find out who will be doing the actual loan processing. (Bank vs. Mortgage Broker)
  • Lenders that offer home loans with the second mortgage market usually offer more options as far as interest rates, down payments, points, length of mortgage, etc. However, local banks can offer much faster processing time and fewer closing expenses with more down payment.
  • Once you find the property you want, your offer to purchase will require earnest money which becomes part of the purchase price. Upon acceptance of your offer, this money is deposited in the listing broker’s trust account until the closing.

What You Need For Your Loan Application

  • Social Security Number
  • Residence Address for last 2 years (Landlord information if renting)
  • Name, Address for each employer for last 2 years
  • Name, Address, Account Numbers, Balance, Monthly Payments on any Loans, Credit Cards, etc.
  • Two months bank statements
  • Names, Addresses, Account Numbers & Balances for Checking/Saving
  • Money for Credit Report & Appraisal Fee (when ready to buy)
  • Most current pay stub covering one month & W-2’s for two years
  • For Veterans using VA loan: Certificate of Eligibility or DD214
  • Self-Employed: 2 years of tax returns

Some of the Area Lenders We’re Proud To Work With: