Real Estate Article:  Getting A Mortgage

The most complicated part of buying a home can often be the process of getting a mortgage.  Over the last few years, the standards for getting loans have gotten a lot simpler.  But recently we have begun to notice signs that it may be getting harder to get a mortgage!  We’ve noticed more and more problems with getting loans.  Lenders are needing much more documentation.  Many of  the problems could have been avoided if the buyers had talked to a lender and gotten a full pre-approval well in advance of finding the perfect home!  

To keep things going smooth, you need to be prepared.  The following steps will help:

• Talk to your lender early.  
• Be truthful to your lender.  
• If you know of something usual in your income source, your debt or your credit history, Figure out how you can document the problem so it can be solved.  
• If you lender notices any problems along the way, get the documentation they need quickly.  

This way, after the loan is totally processed and sent to the underwriter there shouldn’t be any surprises.  

Getting Pre-Approved  

At our initial meeting, we will talk with you about your income, your debts and the amount of available cash you have.  Then we will get in touch with a lender (or maybe several) to see what the best loan product for you is.  

You will need to bring the following information:  

• Social Security numbers for all borrowers  
• Amount of annual income form each of your income sources  
• Balance and minimum monthly payments of all of your long term debt  
• How much available cash you have and how much of it you want to use for down payment and closing cost  
• Value of any other assets  

This is the information that the lenders need to make decisions.  The better prepared you are, the easier the loan process will be.  

Linda Grissette, GRI, e-PRO Certified

Licensed in the state of Missouri.

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