Financing
Find a Mortgage Company, Bank, or Loan Officer:
Mortgage Bankers Association of the Bluegrass
Today’s financial markets are changing rapidly and purchasing a home is one of the most important investments one can make. Following are suggestions from one of our local leaders.
GET PRE-APPROVED:
The first thing a prospective homebuyer should do before looking for a home to purchase, is get pre-approved for a mortgage. In the past six months there have been many changes in the types of loans that are available. Also, the guidelines as to who qualifies for a mortgage have changed. For these reasons, it is more important than ever to sit down with a lender to find out exactly what type of loan you qualify for, what the payments will be and how much cash you will need for closing.
FINDING A LENDER:
You want to work with a lender who can offer you the best loan. Your Realtor will have a few suggestions for you. Ask your friends and family who they used and were they pleased. You might check the website: www. MBABluegrass.org. This website will lead you to all the members who adhere to a Code of Ethics. Always get a ‘Good Faith Estimate of Costs’ in writing from every lender you talk with. There are things more important than the interest rate when you are shopping for a loan. If the lender is not ethical, or not experienced in all types of loans, it won’t matter if the rate they quoted you was .125% less than the rest. And lastly, you probably want to stay away from internet lenders..if you have any problems with the process, a face to face meeting with a local lender will get more done than a phone call to someone in California. Local lenders want you as a customer for life, not just a one time deal. Remember this: If it sounds too good to be true, it probably is.
WHAT DOCUMENTS WILL THE LENDER NEED:
1. Proof of income-paystubs to cover a current month. W2’s for past
year.
2. Last two months statements from bank accounts, IRA’s,
Retirement accounts, Stocks, CD’s. Proof of any assets you have.
3. Copy of drivers license or photo ID.
4. If you are self-employed, lender will need most current Federal
Tax Return, all pages, all schedules.
*There may be other items requested but if you have these items ready when you talk with your lender, you should get a faster approval.
Roberta Wilson
Branch Manager
New South Federal
859-276-1403 office
