Oro Valley Real Estate - Getting a Home Loan
Items your home mortgage consultant may request to process your loan
Most recent pay stub for each applicant
W2's for the past 2 years for salaried and hourly income
Complete Federal tax returns for the past 2 years (including W2s, 1099s and all schedules) for commissioned, bonus or 1099 income
Self employed: the above plus corporate or partnership returns including K-1s for the past 2 years and a year-to-date profit and loss statement
Your most recent two statements (at minimum) for all accounts (all pages). If you do not have these, you will need to contact your bank(s) and ask for a printout with signature, title and date from the person completing the printouts for you
If you receive quarterly statements, please provide the most recent. If there are any large (other than payroll) deposits on any statements, please bring documentation on the source of funds for the deposits
All pages of your final, recorded divorce decree
If you would like to use child support payments for qualifying, we will need your divorce decree or the court order indicating amount of support you are to receive (proof of receipt is required)
What To Do After You Have A Signed Purchase Agreement:
Call your Home Mortgage Consultant about locking in an interest rate, signing a lock-in agreement and obtaining a new Loan Estimate
Contact an insurance agent and arrange to have your insurance in place.
Pre-Approved v Pre-Qualified
A pre-approval letter from your lender can be an effective tool to help increase your negotiating power.
Real estate agents, builders and property sellers tend to take pre-approved buyers more seriously. You are able to negotiate with more confidence and in competitive offer situations, a true pre-approval may be the deciding factor to landing your dream home.
A full mortgage application has been completed with a Mortgage Loan Officer.
There has been a through review and analysis of client's credit report.
In most cases, clients have provided income and asset documentation to the Mortgage Loan Officer for evaluation.
A maximum loan amount can be defined and mortgage products can be identified to align with a client's financial goals.
In general, a full mortgage application has not been completed.
A credit report may or may not have been reviewed.
All information about income and assets is provided verbally.
The maximum loan amount defined is an estimate and it may be difficult to determine without thorough document review.
Please note A Pre-approval is not a commitment to lend. Changes in credit or financial status during the process could affect qualifying. Your Mortgage Loan Officer will guide you.