Often people prefer to meet with a mortgage company before looking for a home to determine in advance the price range they can realistically afford and the amount for which they can qualify. This step is called pre-qualification and can save you much time and trouble by making certain you are looking in the correct price range.
For your first meeting with David Krushinsky, you should bring:
Employment/Income
- Provide most recent paystubs for 1 month
- Provide W-2's for the past two years
- If self-employed or commissioned, provide all pages and schedules of last two years personal tax returns
- If self employed, provide all pages and schedules of last two years business tax returns and corporate K-1's
- If retired, provide benefit award letter, last two years 1099's, and all pages and schedules of last two years tax returns
- If any rental income is received, provide copy of current lease agreement
- If VA and active duty personnel, copy of Statement of Service Letter and Off Base Housing Authority Letter
Assets
- Provide ALL pages of most recent 2 months statements for all accounts; including all checking, savings, stocks, IRA, 401k, etc.
- If funds to close will come from a gift, complete the gift letter and the following:
a. from the donor - bank statements showing the funds in the donor's account and a copy of the check from the donor's account
b. from the borrower - a copy of the deposit slip showing the gift check deposited into your account
- If funds to close will come from sale of home, copy of Hud-1 from sale of home and deposit slip showing proceeds deposited into bank account
Credit
- Copy of driver's license and social security card
- Copy of divorce decree
- Copy of bankruptcy papers, including all schedules and discharge, and credit explanation letter for reason for bankruptcy
- If VA, Certificate of Eligibility or copy of DD214 Property
- Hazard Insurance Agent's name, address, and phone number
- If refinance, copy of note and mortgage coupon
Having these items on hand when you visit with me will help speed up the application process. Usually a credit report fee and an appraisal fee will have to be paid when you submit the mortgage application. This is only done after you have successfully negotiated on a home and have had your offer accepted by the seller.
After the initial meeting with the David Krushinsky, you should have an idea if you qualify for the size and type of loan you want. You will know within a few days if you qualify for the loan. If you are denied a home loan, you will receive a complete explanation on the reasons why. If this happens, I will gladly discuss any options with you. |
