MORTGAGE LENDERS
As important as choosing the right Realtor to assist you with your homesearch, it's critically important to select the right lender.
Back during the real estate boom, there were predatory lenders taking advantage of unsuspecting buyers. This played a large part in the market meltdown and the unbelievable proliferation of foreclosures throughout the country. Many of these lenders were shutdown, thankfully; but some have regrouped and are waiting to do their dastardly deeds yet again. I was blessed with a sixth sense and can sometimes see 20 steps down the road. If a loan officer sounds a little too crafty over the phone, he doesn't make it to my preferred lenders list. Or if he or she got on my list and then did something I felt was questionable or they gave very poor service to my clients (you), then they come off the list immediately. Fool me once...
The lenders I work with are professionals, have high integrity, don't bend the rules as it suits them, stay abreast of the myriad changes in their industry, issue real pre-approvals, and do their best to meet contract deadlines. I work very closely with lenders throughout each transaction to help expedite the process when needed and to also remind you of things you need to provide him or her. Until you and I have a client-agent relationship, I can't share that list with you. But the minute you "hire" me to be your buyer representative, you will be provided with this list and pointed in the right direction.
In the meantime, here are a few things you should be prepared to provide to your loan officer when you request a pre-approval:
Last 2 years W2s; if you're self-employed, they require at least 3 years' 1099s.
Last 2 years income tax returns.
Last 2 paystubs.
Verification of employment - 2 years continuous job history. Exception: If you've just graduated from college and have landed a job in your field of study, but have been on the job less than 2 years.
Verification of Rent - they'll need your payment history from your current landlord. If you have any "issues" with your landlord, try and smooth them over now, because he/she can use this opportunity to "get even"... If you live with Mom & Dad, no problem.
Last 2 months bank and savings statements.
Social Security number to run a credit check.
Please don't deposit large sums of money into your bank accounts if you cannot verify their source. If you deposit $10,000, for example, the lender is required by Federal Law to make sure you're not a drug dealer!...seriously....and now, more importantly, that you're not tied to a terrorist group. I am not kidding.I know...this part isn't fun, but it's required. So start now to gather up your paperwork, so you won't be running around frantically trying to find it.
