How to find the right mortgage lender?

Choose the professionals who’ll help you protect your finances. 

You’re just starting your search for a new home, an exciting time! Getting prequalified for a mortgage is an important first step in the home-buying process. 

We’ve learned the importance of a trustworthy mortgage lender recognized for stellar customer service and competitive offers. Choose a lender that pairs knowledge, individual approach, and integrity.

Here’s a checklist of items you'll need when securing a lender: 

1. Personal documents
   You’ll need two forms of government-issued ID, your social security number, divorce papers (if applicable), as well as proof of ownership of current property.
2. Review your credit report
    According to the Federal Trade Commission, you're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Order online from annualcreditreport.com, the only authorized website for free credit reports, or call 1-877-322-8228.  
   
3. Tax returns
   You’ll need to provide tax returns for the previous year and potentially for the past two years.
4. Proof of income
   Gather W2s, paycheck stubs, 1099s, or a year-to-date profit and loss statement if you’re self-employed. You’ll also need to show other income sources such as Social Security, child support (and proof of childrens' ages), or government assistance.
5. Proof of assets
   Provide bank statements, mutual fund statements, and account balances for retirement accounts, 401Ks, IRAs, and any money held in the stock market.
6. Debt summary
   You’ll need to provide a summary of your debts, monthly payment amounts, child support payments, balances for credit cards, student loans, car loans, and other property loans.
7. Financial issues
   You may need to provide a written explanation if you’ve had bankruptcy or other financial issues in the past.
8. Down payment and closing money ready
   Have these funds ready in your bank account. If you received this money as a gift, you might need to provide a letter from the gifter explaining that the gift is not a loan.
9. Renting
   Compile proof of rent payment for the past year with canceled checks or money orders to show rent was paid on time.
10. Mortgage pre-approval successful
    Do some comparison shopping and contact other lenders. A home is likely the largest purchase you’ll ever make, do your homework to ensure you get a competitive deal. 

Applying for your first mortgage? Get in touch with us! We’d be happy to walk you through the process and help you find a mortgage lender you can trust.