Mortgage Tips & Preparation
Matt Faron, Mortgage Loan Officer
NMLS# 466583
Office: (608) 784-9480 Ext 252
Cell: (608) 790-3464
Matt’s Tips
- Ask Questions. Don’t be afraid to ask “stupid” questions. The only stupid question is the one you don’t ask
- Be Represented. It is a good idea to have professional representation when you buy a home. A good attorney or realtor does not charge much for this service.
- Know your lender. Internet lenders and some brokers are notorious for having closings chocked full of surprises. Use a Credit Union mortgage lender you can trust.
- Arrive at your Closing Prepared. A good mortgage lender will take care of this step for you.
- Watch your debt load! An excessive debt load could affect your interest rate or could even result in your mortgage loan being denied altogether.
Mortgage Preparation List
What to Bring to Your Mortgage Application
Items required for each borrower at your loan application
- Each borrower’s pay stubs for the last 30 days
- Each borrower’s W-2’s for the past two years
- Each borrower’s checking, savings, and investments statements for the past two months
- If either borrower is self-employed or receiving commission, two years’ Federal Income Tax Returns and year-to-date profit and loss statement
- First-time homebuyers – most recent year Federal Income Tax Return
- Refinances – current mortgage account statement, tax bill, title insurance policy and insurance agent information
Troy Arenz, Mortgage Consultant
NMLS# 466585
Office: (608)784-9480 Ext 207
Cell: (608) 790-6678
Troy’s Tips
- Be cautious with ARMS. (Adjustable Rate Mortgages) A good mortgage lender will lay out the options for you to help you look at the pro’s and con’s of each loan type.
- Beware of internet lenders and mortgage brokers. Choosing the wrong lender can cost you thousands in fees and extra interest you shouldn’t have to pay. If you have a relationship with a local credit union, give them a call first.
- Take your “Loan Estimate” to a lender you trust. If you are about to be taken advantage of, your Mortgage Loan Officer will be able to tell within seconds.
- Cut your term and save THOUSANDS. (A 30 year fixed rate loan on $200,000 at 6.5% will cost you $141,000 more than a 15 year loan at the same rate).
- Don’t be afraid to WALK AWAY from a closing if you are being taken advantage of. Make sure your rate is the same as what you were originally quoted and make sure your closing costs are reasonably close to those disclosed on your “Loan Estimate”. Unscrupulous lenders are hoping you will be too scared to WALK AWAY