Mortgage Broker in Ashland, OR
Frequently Asked Questions
Do's and Don'ts
When you start the process of purchasing or refinancing a home, there are a few general "rules of thumb" that can help the process go more smoothly.
Do:
- Stay current on existing accounts
- Consult your mortgage advisor with any questions
Don't:
- Change jobs, quit your job or become self-employed
- Buy a car, truck or van (or you may be living in it)
- Use credit cards excessively or let current accounts fall behind
- Spend money you have set aside for closing costs or down payment
- Omit debts or liabilities from your loan application
- Buy furniture
- Originate any inquiries into your credit
- Make large cash deposits without checking with your mortgage advisor
- Change banking accounts
- Co-sign a loan for anyone
What You Will Need
- Last two years W2's and/or 1099's
- Last two years Federal Tax Returns (1040's), all pages and schedules
- 30 days' worth of paystubs, including bonuses or retirement income
- Most recent monthly checking/savings account statement, all pages are required
- Most recent statement for any IRA's, 401K or stock accounts, all pages
- Name and phone number of homeowner's insurance agent
- Copy of Rental Agreement(s) and property tax statement(s) for any rental properties owned
- Copy of Social Security and/or pension award letters
- Student loan repayment terms if they are in deferment
- Signed and Recorded copy of Divorce Decree/Child Support Order (12 months bank statements if receiving support payments)
- Complete copy of bankruptcy papers (including all discharge papers)
If Self-Employed
- Last two years corporate and/or partnership tax returns: 1065's, 1120's, K-1s
- Current Profit and Loss statement and balance sheet
Have more questions? Your local mortgage specialist is here to help.