Loan Info

Getting the required paperwork to your loan officer early will allow your loan to be processed in time for a smooth closing.   

Mortgages can take 30-40 days to process so that your your moneys arrive at the title company in time for closing.

Getting the lender's appraisal scheduled as soon as possible is important.  

If your loan comes in late, you must get the approval of the Seller in order to extend your closing date past the date indicated in the purchse contract.

The Seller is not obligated to do this and the contract is now open for renegotiation.

If  there are offers behind yours which have a higher purchase price in the offer, it is not likely that you will get an extension -- the seller probably will go on to the next bidder.

The sooner you have the financial ducks in a row so to speak, the easier the rest of the process will be.  It is surprising how quickly time moves once a contract is submitted and there are inspections to do, etc.  

Best to do this portion even before you start the previewing of homes process!

Below are excellent mortgage professionals.   Call them 'em!


Thomas McGoldrick

928-301-3621

tmcgoldrick.001@gmail.com

Sedona and Flagstaff

2012.09a

Thomas has his cell with him evenings and weekends!

Obtaining a home loan in the current market environment is portrayed as difficult and frustrating.  Allow me to show you that with proper guidance, with an extremely efficient processing system, and with my 25+ years of lending experience your loan transaction can be a positive journey with a successful outcome.  Being complete avoids hassles and eliminates the risks you won't close on time.

DOCUMENTS TO PROVIDE AT TIME OF APPLICATION as applicable. 

• Copy of EMPLOYMENT PAYSTUB(s) covering the most current 30-day work period 

• Copy of current SOCIAL SECURITY AWARD LETTER(s) showing payment amount 

• Copy of current PENSION AWARD LETTER(s) showing payment amount and term 

• W-2 FORMS (last two years) 

• PERSONAL FEDERAL TAX RETURNS (2010 & 2011); complete signed and dated

   page 2 copy with all pages + all schedules

• Copies of PERSONAL BANK ACCOUNT STATEMENTS (checking, savings, cd’s, etc): most 

   current 2 months, all pages including blank ones 

¶ Copies of PERSONAL INVESTMENT ACCOUNT STATEMENTS; most current 2 months, all 

   pages even blank ones

• Copies of STOCK ACCOUNT STATEMENTS; most current 2 months, all pages including

   blank ones

• Copies of all RETIREMENT ACCOUNT STATEMENTS (IRA, KEOGH, ROTH, etc.); most 

   current quarterly or two months, all pages including blank ones

• Copy of MONTHLY MORTGAGE STATEMENT (1st and/or 2nd/HELOC) for each property 

   owned 

• Copy of current HOMEOWNER’S INSURANCE STATEMENT for each property owned 

• Copy of current ANNUAL TAX BILL for each property owned 

• Copy of current HOA DUES BILLING STATEMENT for each property owned 

• Clear copy of front of DRIVER’S LICENSE for each borrower 

• Contact Info for your choice of HOME OWNER’S INSURANCE

   Click on:  MORTAGE CALCULATORS


Lynne Dewar

928-814-6362

ldewar@elendersdirect.com

Flagstaff and Sedona

Lynne Dewar

Lynn answers her phone evenings or weekends !

Lynne says the information needed to process your loan applications is as follows:

CONVENTIONAL:

• Last 2 years federal tax returns

• Last 2 years W-2s and/or 1099s

• Current months pay stubs

• Last 2 months statements for checking, savings, mutual funds, stock portfolio, etc

• Divorce decree if applicable

FHA/VA

• All of the above

• Copy of driver's license and social security card

• Certificate of eligibility, or DD-214 for VA only


Reggie Green

480-286-5577

rgreen@crosslinecapital.com

AZ, CO, and CA

Reggie Green

Can reach Reggie evenings and weekends!

My main goal in every transaction is to offer the best product, the best customer service and the most thorough follow through from start to finish.  I want to by your mortgage go to guy for life.  If you ever need a rate quote, have questions regarding a loan product or qualification - I would love to assist you in any way I can.


The following article provided by Thomas McGoldrick ~

"Hey ... Can your mortgage lender really ask that?"

   Mortgage applicants expect to be asked to prove their income, verify their employment 

and provide permission for their tax returns to be reviewed, but these days, lenders 

frequently demand more and more answers to questions that may seem out of bounds to 

borrowers. Questions about exactly where every dollar comes from in your bank account 

may seem excessive, but lenders must document everything about an applicant's finances 

in order to prove to underwriters that the borrowers will repay the loan. 

Questions You Should Expect from a Lender 

   Job History    Most lenders want to see a two-year history of employment and will need a 

contact where your job can be verified. In some cases, according to a recent article in 

MarketWatch, lenders can ask to see your diploma or college transcript in order to verify 

that you were in school when you said you were. 

Income. Typically, two recent paystubs are required, but some lenders will also require tax 

returns, particularly if you were self-employed. Discrepancies in income can trigger extra 

questions, especially if your income has declined for some reason such as a reduced 

bonus or commission. If you receive child support, Social Security or some other payments 

other than wages, you'll need to provide documentation that the income will continue. 

   Assets   Lenders want to know where your assets have come from in order to ensure that 

you are not borrowing money from someone for the down payment. Gift letters are 

required and must meet lender restrictions if you are getting help for your home purchase. 

   Debts   Your debts will show up on your credit report and will be calculated as part of your 

debt-to-income ratio. It's a good idea to review your credit history before applying for a 

mortgage because any disputed debts or debts that you believe have already been repaid 

will require proof and may need to be erased from your credit report before you can 

qualify for a loan. 

  Credit History    Your credit score is an important part of your loan application, but lenders 

will also look at your report to check for credit inquiries and past credit problems. If you 

have a number of recent credit inquiries, lenders may ask if you have taken out other 

loans or new credit cards that have yet to show up on your report.

 Unexpected Lender Questions that are Still Legal 

  Ethnicity    In order to avoid discrimination based on someone's ethnic background, the 

Department of Housing and Urban Development (HUD) actually requires lenders to ask 

about borrowers' race. HUD can then review lender records to make sure they aren't 

routinely turning down minorities or charging them higher fees. 

  Lawsuits    While it may seem as if a lawsuit (especially if you are the plaintiff) should not 

impact your home financing, lenders always require applicants to ask if they are involved 

in a lawsuit because of the potential cost and the possibility of a judgment that goes 

against the borrower. 

  Divorce   Lenders are particularly concerned about the financial details of a divorce because 

of the possibility that a borrower could be held responsible for an ex-spouse's debt. In 

addition, if you are trying to include child support or alimony as income on your loan 

application, a lender will need some hard proof that the income will continue. 

Questions You Can't Be Asked 

   While it may seem that a lender can ask a borrower anything, there are two topics that are 

forbidden for lenders to investigate: family planning and health issues. According to 

HSH.com, under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are 

planning a family. 

   During the past, this question was used to discriminate against female borrowers because 

lenders assumed women would quit work when they became pregnant. You can, however, 

be asked about how many dependents you have and about your marital status, because 

that is information that can be used to qualify you as a first-time homebuyer and for 

special loan programs that have income limitations. 

   Under the Fair Housing Act and the Americans with Disabilities Act, lenders are prohibited 

from discriminating against borrowers who are ill or disabled, so they are not allowed to 

ask you any questions related to your physical condition. 

The Bottom Line 

   Every borrower today needs to be prepared to answer almost anything a mortgage lender 

asks, but if you feel you are being asked inappropriate questions you should ask your 

lender some questions in return and perhaps find another lender. 

   By  Michele Lerner   

© Fay Kelley 2005     AZ Licensed Real Estate Professional      Coldwell Banker First Affiliate     photos © fay kelley photography