New Mortgage Loan Checklist

house-checklistPicture it: You found the house of your dreams. You shopped around for the perfect lender. Now it’s time to get all your ‘ducks in a row’ so you can move in and start enjoying it as soon as possible. Oh boy! You know what that means – Paperwork!

Actually, it’s not as bad as all that. Because you can start gathering most of the information you’ll need to provide to your mortgage lender even before you find the home you love. And to help you start planning ahead for the day you’re ready to submit your loan application, we’ve put together a checklist for you. (Because, hey – who doesn’t love checklists?)

Following is a list of the general information every lender will require for your application – although depending on your individual circumstances, your loan officer may require additional documentation. But knowing where to start is half the battle!

Identity and Income Verification

• Your full legal name, Social Security number, and birth date. (Assume you’ll be asked for a copy of your driver’s license or state-issued photo ID card, along with a copy of your Social Security card.)

• Your phone numbers, email address.

• Current residential mailing address, along with former addresses during the past two years.

Credit Verification

• Your lender will need to pull their own credit report. But it’s a good idea for you to get a copy of your credit report early. That way:

o You can check it for errors – and submit the necessary corrections ahead of time.

o Be aware of any credit issues that will require explanation (late payments, collections, or other derogatory items) – then create a written explanation for each item.

Employment Verification

• Provide the name, addresses, and phone numbers of all your employers over the past two years.

• Written explanation if employed less than two years or if an employment gap exists within the last two years.

• Documentation of compensation from employer, either monthly or bi-weekly. Online pay stubs must be signed by a company representative.

• Copies of your W-2s for the past two years.

• If you are self-employed, additional documentation will be required typically in the form of Profit & Loss Statements, tax return forms, etc. Your lender will advise you what you need to compile.

Assets / Debts

• Copies of statements from your personal and/or business checking, savings, brokerage, retirement, and money market accounts that are requested in order to verify assets, income, or the sources of large deposits, excluding paychecks. Typically, borrowers are asked to send statements from the previous two or three months. (Be sure to include all pages of the statement, including ones that are blank.)

• A list of your monthly debt obligations. (Include name, address, account number, and amount).

• Document the source of funds for any large deposits on asset or bank statements.

Tax / Legal Documents

• Federal tax returns (1040s) for the past two years.

• Your lender will have you complete a Request for Tax Transcript form. This is required on all applications and gives your lender permission to verify the income reported to the IRS. Usually requested for the previous one or two years.

• If there is a Bankruptcy in your history, provide a copy of your Bankruptcy discharge papers.

Property Purchase Documentation

• A copy of the signed Purchase Agreement or Sales Contract between the buyer and seller describing all the terms of your real estate purchase transaction.

• The name and contact information of the insurance company for your new home.

It may sound daunting – but the great news is, with a mortgage broker (like Premier Mortgage Lending) – you fill out the application and provide the necessary documentation just once – and then your Loan Officer will be able to shop around to find you the best rates and terms from multiple lenders. So shop away for that new home, and use the checklist above to get prepared in advance – and you’ll be ready to close escrow before you know it!

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

How Many Unnecessary Loan Fees Have You Paid So Far?

burning-money

Did you know that the average American is calculated to make approximately 11.7 moves in their lifetime? (according to the U.S. Census Bureau) That seems like a lot, doesn’t it? And it’s all right with us if you’d like to pause a moment before reading on to mentally count how many homes you’ve lived in so far, too.

But that figure got us to thinking. Everyone at Premier Mortgage takes pride in the fact that our loan programs are able to save our customers thousands of dollars on the cost of a new mortgage loan. So when we heard that statistic, we stopped to do a little calculating ourselves. And we came up with a surprising figure:

$23,400.

What does that number represent? Simply put – that’s how much money we could save each of our customers on their mortgage loans. Ouch.

(Want to know how we calculated? Like this. We estimate that: (a) Only half of those moves would involve the purchase of a home; (b) That each mortgage loan would be for only $200,000; and (c) That other lenders would charge a minimum 1% Loan Origination Fee, plus an approximate 1% for various other lender fees.)

And actually, those are very conservative calculations. For many of our customers who have taken the time to shop mortgage lenders for the best rates and fees – and compare other Loan Estimates to Premier Mortgage’s – we’ve been able to save them from $6-$8,000 or even more – just on the cost of a single mortgage loan.

How do we do it? Our traditional loans don’t charge our customers any fees. No Loan Origination, Document Fees, Processing Fees, or Underwriting Fees. Which means that $23,400 savings could actually turn out to be as much as $40-$50,000 or higher.

What would that kind of savings mean to your family?

It’s worth thinking about. Because as the numbers show, making the right choice about every single mortgage loan can make a huge difference in your financial status. Fortunately for you, Premier Mortgage plans to keep right on providing the best loans, the best rates, the best service, and No Fee loans to our customers – just as we’ve been doing in Las Vegas for years.

We’re the home of the true “No Fee” mortgage loan. Find out more at our www.KnowBeforeYouOweNevada.com website. There, we provide an educational series of short videos that explain exactly what you need to know to save big money on your next mortgage loan – and which questions you need to make sure you ask your next mortgage lender.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., Suite 125, Henderson, 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.