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Homeowner Happenings

Items Needed to Get a Mortgage

Pre-qualifying for a mortgage is a very important step to take when buying a home. This identifies the price range of homes to look at and makes it possible to move quickly when finding that dream home and making an offer. Here’s a handy list of what to do to prepare for this process.

 

  1. Start pulling together the documents needed during the mortgage loan process (see list below). Start this early since it could take a little time.
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Current Pay Stubs – Past 30 days

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Current Bank Statements – Past Quarter

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IRS W-2 forms – Past 2 years

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Renters – Past 12 months of landlords’ names, addresses and phone numbers

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Self-Employed – Past 2 years tax returns

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Rental Property Owners – Current rental agreements on all rental property

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Self-Employed and own more than 25% of business – Past 2 years business tax returns, and year-to-date profit and loss statement, and balance sheet

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Closing statement for any property sold in the past 6 months

 

  1. Contact a loan officer to discuss goals and circumstances. A loan officer has many options to find just the right loan based on this information.
     
  2. Provide an “Intent to Proceed” notice (format may vary depending on the mortgage lender) to the loan officer within ten business days after the officer provides an initial disclosure, Good Faith Estimate and initial Truth in Lending form.
     
  3. Keep track of and promptly return all signed disclosure forms.
     
  4. Keep in touch with the loan officer so that things proceed smoothly. Notify the loan officer of any changes. A note of caution: avoid going on a spending spree. While it may be tempting to buy things needed for the new home, keep finances stable during the loan process. Don’t apply for any new loans or credit cards.
     

If you are interested in learning more about how to get a mortgage, real estate agent Angela Pohakuola Studer, of Coldwell Banker Pacific Properties, is hosting a free information session on Simplifying (De-Mystifying) the Mortgage Loan Process on February 24, from 3 to 5 p.m., at Coldwell Banker Pacific Properties, 4460 Kapolei Parkway, Suite 310, Kapolei. The presenter will be Brant Matsuda (NMLS:352161), HME Hawaii home Experts LLC. Call 808-551-0900 to reserve a seat.

Homeowner Happenings is a regular feature that offers businesses an opportunity to sponsor a topic. If there’s a subject you think our readers will find educational and interesting, contact us about sponsoring an article at 808-927-3435.

If you are looking to purchase or sell a home, contact Angela Pohakuola Studer (RA) RS-79822, of Coldwell Banker Pacific Properties (4460 Kapolei Pkwy., Ste. 310, Kapolei), at 808-551-0900 or Angela.Pohakuola@cbPacific.com. For more information, visit AngelaPohakuola.cbInTouch.com.

©2018 Coldwell Banker Pacific Properties. All rights reserved. Coldwell Banker Pacific Properties fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker logo are registered service marks owned by Coldwell Banker Real Estate LLC. Real estate agents affiliated with Coldwell Banker Pacific Properties are independent contractor sales associates and are not employees of Coldwell Banker Real Estate LLC, Coldwell Banker Residential Brokerage or NRT LLC.

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