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Congratulations! As a Homeowner comes many Advantages!
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When you are looking to buy a home, there are some do’s and dont’s  you should know right away!

  1. While going through the purchasing process Do Not make any large purchases which would increase your monthly debt. Opening more credit to purchase a large items like a car loan, furniture, etc will reduce your home purchasing power substantially. This could increase your DTI (debt-to-income) ratio enough to increase your loan rate and even disqualify you from a loan program.
  2. Do Not miss any payments to creditors
  3. Do Not have your credit run

With that said, here are some things you can do to help with your home purchase…

  1. If your car payment is 12 months from being fully paid off, we can help you run a credit simulator that will show us what the increase in FICO score could be if you paid off the car.
  2. Pay down some credit card debt to below 50% of credit card limit.  You may not be able to do this to all the credit cards, but even 1 of them can assist in getting you into the range for a better interest rate. Call us and we can show you how to get the best results with the least investment to improve your credit score.

Final Note: Please contact us when in doubt as we are your team here to help you.
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Stay Organized Will Help for an Easy Loan Process
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The following information is usually required during the loan process
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[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Pay stubs foor the last 30 days (consecutive and current) – borrower and co-borrower

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Copies of your W-2’s and/or 1099 statements for this year and previous year.

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Copies of past year and current year tax returns.

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Bank Statements (all checking and saving accounts) for the last 2 months – all pages

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Financial assets: Copies of 401K, IRA, mutual fund and/or brokerage statements – all pages

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Copy of your driver’s license and social security card – borrower and c0-borrower
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[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Pay stubs foor the last 30 days (consecutive and current) – borrower and co-borrower

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Copies of your W-2’s and/or 1099 statements for this year and previous year.

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Copies of past year and current year tax returns.

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Bank Statements (all checking and saving accounts) for the last 2 months – all pages

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Financial assets: Copies of 401K, IRA, mutual fund and/or brokerage statements – all pages

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Copy of your driver’s license and social security card – borrower and c0-borrower
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If purchase:

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Copy of executed purchase agreement-if available

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Realtor’s name and contact info – if available

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Signed copy of the Borrower’s authorization form and Application-available upon request.

If you currently own Real Estate:

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Mortgage account information

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Home insurance policy information

[av_font_icon icon=’ue889′ font=’entypo-fontello’ style=” caption=” link=” linktarget=” size=’20px’ position=’left’ color=’#004c37′ custom_class=”][/av_font_icon] Home equity account information (if applicable)
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During the loan process, you will need to control certain documents right up to escrow closing.  It is important that you send in your current bank statements, pay stubs, etc..  During the escrow phase, the bank my ask at the close of escrow your paystub and checking account statements before funding.  Please make sure you keep everything at finger-tip distance.
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