Mortgage Application Proper Planning for Bronx Residents

By
Real Estate Broker/Owner with Rummy Dhanoa Real Estate Experts

Mortgage Application Proper Planning for Bronx Residents

 

 

 

 


 

With good preparation, most things are easier. That works in mortgages too! Today, I want to give you some ideas that can make your mortgage experience less painful.

 

Income Items:

 

1.     Gather your documents. Today, many people will have to produce 2 years’ complete tax returns, including W2′s, 1099′s, K1′s, and all the schedules, as well as a month’s worth of pay stubs.

 

2.    Be prepared to explain them. Deductions in your returns and your pay stubs may impact the income your lender will use to qualify you which, in turn, has a big impact on the loan you will get.

 

3.    Have a breakdown of base pay versus overtime for both your pay stubs and 2 years’ W2′s. Lenders treat overtime (and bonus income) differently than your base pay. Be prepared to explain any changes over the last few years because your loan officer will ask you about it.

 

Asset Items:

 

1.    Start accumulating your bank statements. Lenders look back 3 months from when you sign your contract of sale.

 

2.    You will have to explain any and all large deposits (which are defined as deposits greater than your regular pay check) because lenders want to make sure you haven’t taken out any new loans that aren’t on your credit report.

 

 

 

3.    Avoid any significant cash deposits. However, if you did have a cash deposit, understand that the lender will have you source it (a bill of sale and DMV receipt for that motorcycle, for example).

 

4.    If you will be receiving a gift, consult your loan officer on how to document it (from the donor’s ability to how you deposit it).

 

Credit Items:

 

1.     Ask your loan officer to run your credit and go over it with them. Believe it or not, most credit reports contain errors. Best to identify them and get working on correcting them as early as possible.

 

2.    Do what you can to pay down your balances to under 30% of available credit to help you get the best score possible.

 

3.    Do NOT close accounts or pay off collection accounts without discussing it with your loan officer. Either one of these logical moves can actually have a negative impact on your score.

 

When buying a home, remember the Boy Scout motto, “Be prepared”. Following these suggestions will make your loan approval easier and less stressful.

 

The Sales Team of Rummy Dhanoa

 

www.FreeNYHomeSearch.com

www.RummyRealEstate.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
New York Bronx County
Groups:
Real Estate Mega Agents
Bronx Real Estate & New Developments
Westchester Real Estate Network (WREN)
Out Of The Box!
Tags:
planning
rummy
loans
investing
home buying
mortgage
real estate
bronx

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the cloud to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the leaf to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clock to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainmaker
62,705

Rummy Dhanoa

Rummy Dhanoa
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the chair to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: