What is needed at application to expedite my mortgage application?
• Two forms of identification (drivers license, social security card). • Two most recent bank statements of all deposit accounts and current 401-k or investment account statements. • Two most recent pay stubs and last year’s W-2. • If self-employed, last two years complete personal and business tax returns. • If a purchase, a copy of the signed sales contract. • If a refinance, a copy of your warranty deed. • A check for the $45.00 credit report or credit card information to be credited. Q. What is Prequalification? A. Prequalification is the process of determining what price a home can be purchased by a prospective buyer. Q. My real estate agent recommended that I get a commitment letter. What is a commitment letter, and why should I get one? A. A commitment letter is given by the lender stating the terms which it agrees to provide a mortgage to a homebuyer. Commitment letters help you set realistic goals while you’re house-hunting, provide the same negotiating ability as a cash buyer
