At Bruin and Bruin Real Estate, we can assist you in finding a lender whose easy to work with and offers great rates. Purchasing a home can be a daunting experience as one of the largest purchases of your life. You will need and experience lender current with all the regulations, government programs, loan package options, and when to lock rates.
When purchasing a home, consider which type of mortgage will be most appropriate for your situation. There are fixed interest rate type loans that can offer a 15, 20, or 30 year payback period. You may be able to get a lower interest rate loan called an “ARM” (adjustable rate mortgage), which offers a fixed rate for a set number of years before adjusting. These loans can save you thousands of dollars if you plan on selling prior to the adjustment period. Jumbo loans may be required for large purchases over certain dollar value.
There are several resources where you could find loans on the Internet. You may find direct lenders who loan their own money or may be a traditional bank. Lending brokers provide a website that collects your information and then submits for multiple bids from different lenders. Content sites such as BankRate or Trulia partner with lending marketplaces and lenders and can also be a great place to see rates and reviews of specific lenders. Most local banks and credit unions will also offer home financing and refinancing, but may not always have the best rate.
Due to recent government regulations the amount of paperwork required to initiate alone is greater than ever. It will be helpful to gather your documentation before you start talking to lenders as they will need some basic information to even quote you rates.
Some loan documentation you will need:
- Copy of most recent retirement account statement (past 3 months/quarterly IRA, 401K,etc )
- 30 days worth of pay stubs
- Past 2 years of w2s
- Past 2 years full tax returns ( with all pages and schedules)
- 2 months of recent checking account statement (inc ALL pages even if their blank)
- MAKE SURE TO INCLUDE ALL PAGES OF EACH STATEMENT THE UNDERWRITER WILL REQUIRE EVERY PAGE EVEN IF ITS BLANK…ETC.
- Declarations page from your insurance / or the name and number of your insurance agent)
- Copy of your driver’s license and social security card
These are the basic items, and additional items may be required by your specific lender.
When looking at current loan interest rates on the Internet, it is important to note that these rates may not include points and loan processing fees which can make the actual rate “APR” higher.