Licensed New York State Real Estate Broker GRI I, II, II (by John Mellencamp)

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Document Your Assests

A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower. 

Down Payment & Closing Costs(VA requires no downpayment-some sellers may help with closing costs)

Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan.

Take extra care to document the sources for any monies to be used for the down payment or closing costs.

Acceptable Down Payment & Closing Costs Sources

  • Cash in a bank account
  • Mutual funds / stocks / IRA / 401K
  • Proceeds from the sale of another property
  • Some lenders allow child support/alimony
  • Gift from an immediate relative
     

Assets

Collect information about your personal assets that add to your net worth and help to prove your credit worthiness.

 Common Assets Considered in a Mortgage Loan Application

  • Stocks, bonds, mutual funds, 401K and retirement accounts

  • Life insurance

  • Personal property estimate - cars, boats, antiques, jewelry, etc.

  • Other real estate or property

Income and Employment

The lender will want to confirm your current gross income and have evidence of stable employment. Documentation requirements vary depending upon a number of factors - including the source of income (hourly, salary, salary + bonuses, salary + commission, commission, self-employed, etc.).

Debts

Your lender will want to review a list of all your current debts. This along with your credit report will provide the lender with a snapshot of your obligations. The lender will want to confirm that you will not be overextended when the mortgage payment is added to your current debt load.

 

To apply for a loan or just to get a pre-qualification, try one of these local mortgage executives:

(This is for the convenience of the buyer(s) only. Nancy D. Storino Real Estate does not make any recommendations. If you already have a banker, all we will need is their contact information, and we would be happy to work with them as well.)


P.S. If you're not ready to meet in person, please tour through my website. I'm sure you'll find the resources here useful and helpful. Enjoy!

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