How To Get The Best Home Loan - Neatness Counts When You Want a Home Loan

How To Get The Best Home Loan - Neatness Counts When You Want a Home Loan



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GUEST BLOGGER BRIAN BRADY,
AMERICAS MOST OPINIONATED MORTGAGE BROKER
 

Neatness Counts When you Want a Home Loan

 

Wanna know the inside scoop on mortgage financing?    Im going to teach you how to get really cheap mortgage terms.  Just dont tell them where you heard about it.

The secret is this; organize your documentation BEFORE you call around.  If you follow these seven steps and compile a package that you can e-mail to mortgage originators, you can effectively play us off one another and get smoking great terms for a home loan.


1- Fill out a uniform residential loan application (Form 1003).  Be truthful !  Regardless of what your buddies tell you,  Sister Anastasia from Little Flower Grammar School was correct; neatness does count.

2- Get a copy of your credit report but make sure that its a tri-merged credit report.  

3- Organize your two year income and employment history.  That means you should copy the first two pages of your 1040 income tax form for the last two years,  your W-2 or 1099 forms supporting these tax forms, and your last 30 days worth of pay stubs. Be certain that your employment history, written on the loan application, matches up with your dates of employment.  Make sure that the work phone number on your loan application goes to  the person who performs the employment verifications at work.

4- Gather up your asset statements:  checking account, savings account, securities account, IRA, 401(k), and any annuities you have.  The lender will require that you  show ALL of the pages  of the statements.  Compile the last 60 days worth (so two monthly statements  or one quarterly statement).  More is better as the more money you have, the more likely it is that you'll pay back the loan.

5- If youre divorced, get a copy of the divorce decree.  If you had a bankruptcy in the past 7 years, get the filing paperwork and discharge document.

6- Now, get six sheets of paper.  In BIG magic marker, PRINT, the following:

  • APPLICATION
  • CREDIT
  • INCOME
  • ASSETS
  • MISC SUPPORTING

These are your dividers.  Put the 5 page loan application behind the first sheet, the credit report behind the second sheet, the tax returns, W2 forms, and paystubs behind the third sheet, the bank and other statements behind the fourth sheet, and all the rest behind the fifth sheet.

7- Scan the package, IN ORDER, to a pdf format.  If you dont have a scanner, sign up for a pfax number for four bucks a month and fax the package to yourself.  Now you can e-mail the credit/income package to a mortgage broker to get your quote.

Im not saying youll get your mortgage for free, hardly.  If you have all of your documentation, you stand a much better chance to get the best terms.  My next post will teach how to deal with mortgage originators when you are shopping and who you should call.

by Brian Brady, America's Most Opinionated Mortgage Broker


Read the whole series: 
 
Brian Brady took the Top Spot in this weeks
CARNIVAL OF REAL ESTATE INVESTING
for this excellent four part series.
 


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Posted on April 09, 2007 13:27:07 by Laurie Manny Professional Group
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To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.