Mortgage

A home purchase may be your largest financial transaction to date, so it's important to make the right decisions and to keep an eye on the details. With the assistance of your Real Estate Agent and Loan Officer, it should be an efficient, pleasant, and ultimately rewarding experience.

Count On Your Mortgage Broker and Loan Officer To:

1. Assist you in selecting the best loan to meet your personal situation and goals. (This single decision can save you thousands of dollars throughout the years!)
   
2. Keep you informed of your loan status throughout the entire process.
   
3. Keep your Real Estate Agent informed of our loan progress (Note: your personal information is always kept confidential between you and First American Mortgage; only deal points and progress are shared).
   
4. Get the appropriate loan for you at the best rates and fees. This will save you significant money "up front" and throughout the years to come.

Have these items ready when you apply for a loan: Income items:

• W2 forms for the last two years
  
• Most recent pay stubs covering a 30 day period
  
• Federal tax returns (1040s) for the last two years, if:
  
  • you are self-employed
    
  • earn regular
    
  • earn sizable interest income, etc.
    
  • earn more than 25% of your income from commissions or bonuses
    
  • own rental property
    
  • or are in a career where you are likely to take non-reimbursed business expenses
    
• Year-to-Date Profit and Loss Statement (for self-employed)
  
• Corporate or Partnership tax returns (if you own more than 25% of the business)
  
• Pension Award letter (for retired individuals)
  
• Social Security Award letters (for those on Social Security)
  

Asset Items:

• Bank statements for previous two months (sometimes three) on all accounts.
  
• Statements for two months on all stocks, mutual funds, bonds etc.
  
• Copy of latest 401K statement (or other retirement assets because they can count as reserves)
  
• Explanations for any large deposits and source of those funds
  
• Copy of HUD1 Settlement Statement on recent sales of homes
  
• Copy of Estimated HUD1 Settlement Statement if a previous home is for sale, but not yet closed
  
• Gift letter (if some of the funds come as a gift from a family member-the lender will supply a blank form)
  
• Gift can also require:
  
  • Verification of donor's ability to make the gift (bank statement)
    
  • Copy of the check used to make the gift
    
  • Copy of the deposit receipt showing the funds deposited into bank account a escrow
    
• NOTE: many get their statements of various kinds over the internet and these are not always acceptable to lenders, especially when the printed version does not contain the borrower's name, account, and the name of the institution
  

Credit Items:

• Landlord's name, address, and phone number (if you rent-for verification of rental)
  
• Explanations for any of the following items which may appear on your credit report:
  
  • Late payments
    
  • Credit inquires in the last 90 days
    
  • Charge-offs
    
  • Collections
    
  • Judgments
    
  • Liens
    
• Copy of bankruptcy papers if you have filed for bankruptcy within the last seven years
  

Other:

• Copy of purchase agreement (if you have already made an offer)
  
• To document receipt of child support (if you desire to show it as income)
  
  • Copy of Divorce Settlement (to show the amount)
    
  • Copies of twelve months canceled checks to document actual receipt of funds
    

FHA Loans:

• Copy of Social Security Card (or other documentation of social security number)
  
• Copy of Driver's License

VA Loans:

• Copy of DD214

Refinances:

• Copy of your most recent monthly mortgage bill
  
• The following cannot hurt to have ready, but are not as necessary as they once were:
  
  • Copy of Note on existing loan
    
  • Copy of HUD1 Settlement Statement on existing loan
  
  Fill Out the form below to contact a Mortgage Representative: