Monthly Archives: March 2019

Mortgage Preparation Checklist

If you are thinking about doing a mortgage, it always helps to know what documents
the mortgage loan originator will require from you. So here is a quick list to get you
started on your new mortgage loan.

Find Income Tax Return copies for last two years

Find W2 forms for last three calendar years

Find business (C-Corporations, S-Corporations, Limited Liability Companies,
Partnerships) Income Tax copies (if Self-Employed) for last two years.

Find K-1 forms for last three calendar years (if Self-Employed)Collect pay documents (one month’s worth of pay check stubs, a Social Security,Pension, Annuity AwardLetters, adoption stipend stubs and/or county printout of child support payments received)

Collect asset documents (two months most current bank statements for all checking,
savings, and money market accounts, last two statements received for all IRAs, 401Ks,Stockaccounts,and Annuities,
HUDs from recent property sales) Note that state, county and federal retirement accounts for current employees do not count as assets.

Collect situational documents (Divorce Decree, Bankruptcy discharge letter and list
of creditors,

leases for Rental Properties, Tax Appraisal notices for Rental Properties,
Homeowner’s Insurance

Declarations Pages for Rental Properties, proof of payment for Judgments, Tax
Liens or collections.

Obtain statement of Whole Life Cash Value (if applicable)

Find Survey (if Refinancing and in a state that uses surveys)

Find Homeowner’s Insurance Declarations Page

Write down the names, addresses and telephone numbers of all landlords for the
past two years

Write down the name, address and telephone number of the Human Resources
department for all jobs.

Simple Guidelines To Find And Apply For A Mortgage Loan

Planning to apply for a home loan mortgage? If yes, then there are two important things that you need to be careful about. In most of the cases home mortgage loans are applied for to make obligations for any house that an individual is planning to purchase. As few individuals cannot afford to purchase a house from cost instantly, they acquire a loan to help them spend it out.

Home loans can be provided by banking institutions, personal loan companies or other banking institutions to an individual looking forward to purchase a house. But it is not so simple to get the loan as you are also required to pass through certain requirements to make sure that you will be repaying the cash due.

Few loan providers are lenient as compared to the others but could be rather expensive in the long run. You have to be wise in a situation like this. It is obvious for the lenders look for alternate ways of earning money in case you do not pay back to them.

Once you have the best idea of the loan you want to apply for, it’s your decision in order to determine if you’re able to pay the actual mortgage repayments long-term. You can use a mortgage loan calculator to calculate your monthly mortgage repayments. It can also help you calculate general mortgage payments taking into account the interest price you will pay for, income taxes and the insurance. Mortgage calculator makes it easier for you to determine that the loan is achievable or payable or not.

Purchasing a house is not an easy thing to do, especially for those who have a poor credit score. If you have less credit scores, then in most of the cases, your loan does not get authorized. If the loan doesn’t work, you should go about choosing a less expensive house to purchase