Meet Our Trusted Mortgage consultant!
With over 20 years of mortgage experience, Katharine Dizon assists in getting the best loan for your personal financial situation. She's been a leader in the field and has been in the Lenders Club Member Top 10% of the company five years in a row. Contact her today!
Getting the Best Mortgage RateGetting the best possible rate on your mortgage is a key part of the home buying process. Even a slightly lower rate could save you thousands of dollars over the life of a loan.
When you begin considering a home purchase, start keeping an eye on mortgage rates. They tend to fluctuate based on federal interest rates, bond prices and what’s going on in the housing market. Lenders start with the par rate, then look at your risk profile to determine what rate they will offer you—usually based on a combination of the following factors:
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Applying for a Home Loan
To apply for a home loan, you’ll need to provide information about your income, assets and debts, plus any circumstances that may impact your ability to repay. Be prepared to provide some or all of the items below.
Income Verification
Self-Employed Applicant
Assets | Sources of Funds/Down Payment
Payment History
Additional Information (If Applicable)
*Child support or alimony income can be used if you received it for the past 12 months and it will continue for at least three years into the loan period. However, alimony, child support, or separate maintenance income need not be included if it is not to be considered as income available to repay the loan.
Income Verification
- Pay stubs for the last 30 days
- W-2 forms for the last two years
- Child support/alimony - divorce decree or 12 months cancelled checks*
- Award letter for social security, pension and 1099 for disability
Self-Employed Applicant
- Signed, completed tax returns for the past two years, including personal, partnership, and corporate, if applicable, and all schedules.
- Year-to-date business profit and loss statement for current year, if more than three months have passed since the end of the tax year
- Current balance sheet
Assets | Sources of Funds/Down Payment
- Original bank statements for the last three months, including savings, checking, and investment accounts
- Stocks and securities account statements for the last three months
- HUD 1 settlement statement if using funds from the sale of property
- Sale of asset – proof of ownership, proof of sale, and proof of funds transfer
- For gift funds – a gift letter, evidence of transfer, and sometimes evidence of withdrawal
Payment History
- Cancelled rent or mortgage payment checks for the past 12 months, if not available on credit report
- Copy of land contract, if applicable
- Child support/alimony
- Bankruptcy/Consumer Credit, if received
Additional Information (If Applicable)
- Purchase agreement, including legal property descriptions and any addendum
- Divorce decree
- Explanation of discrepancies on credit
*Child support or alimony income can be used if you received it for the past 12 months and it will continue for at least three years into the loan period. However, alimony, child support, or separate maintenance income need not be included if it is not to be considered as income available to repay the loan.
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