Obtain a New Loan
Before We Get Too Far…
Do you know how much home you can afford? Too often, potential buyers begin their home search before establishing a budget — and that’s a mistake. The best strategy is to begin with a plan before you start looking for that amazing property on which to make an offer. Talk with your lender first before you start searching for a home. We recommend Tom Miner at (602) 920-9988.
Qualifying for a Home Loan
Qualifying Ratios
As an example, if your family has a gross monthly income of $10,000, you would qualify for a monthly mortgage payment of no more than $3,300 and/or a mortgage payment plus all other monthly debts of not more than $4,300. Naturally, this formula doesn’t take into account your credit score, how much cash you have available for a down payment, or any other factors, so you won’t know how much home you can really afford until you speak to a mortgage profession. Tom Miner is our recommendation, and he welcomes your call at (602) 920-9988.
Loan-Application Process
Application
- Receipt of all documentation required / requested by the lender.
- Good Faith Estimate of closing costs.
- Truth-in-Lending.
Processing
- Verification of employment and deposits.
- Credit report and credit score.
Underwriting
- Clear conditions.
- Insurance agent will order a C.L.U.E. report or you can get one from either LexisNexis or Property I.D.
Escrow
- Determine how much money will be needed for closing and how you’ll get it.
- Schedule appointment for closing.
- Prepare note and deed of trust.
- Transfer title following closing.
Application Checklist
- Signed copy of purchase agreement
- Copy of driver’s license
- Address(es) for prior two years
- W-2 statements or 1099s for two years
- Names and contact information of employers for two years
- Bank statements and proof of assets / investments for two months
- Individual tax returns and, if appropriate, partnership and corporate tax returns for two years
- Two-year history of solid mortgage or rent payments, along with loan holder or landlord contact information
- Application fee
- Copy of bankruptcy petition or discharge papers
- Copy of divorce decree or separation agreement with alimony / child support payments made or received
Please contact Tom Miner at (602) 920-9988. to learn more about how you can obtain a home loan.
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