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Architecture Guide
Cost vs. Value Report
Good Neighbor Awards
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Top 100 Companies
Take a Quiz
30 under 30
Young Professionals
REALTOR® Emeritus |  | MORTGAGE BASICS | | ||
|  Keep the Transaction on Track Advanced Tip Advanced Tip Advanced Tip Broker Tip Getting to Close Advanced Tip Mortgage Basics Advanced Tip Advanced Tip Advanced Tip Inspections and Repairs Broker tip Closing Countdown Advanced Tip Going for the Close Advanced Tip Advanced Tip Advanced Tip Commission Disbursements Broker Tips Broker Tip Post-Closing Strategies Quiz: Contract to Close Bright Ideas: Contract to Close Code of Ethics: Contract to Close More Resources: Contract to Close | What Lenders Need From Buyers Having the necessary information ready for the lender will make the mortgage application process go faster. General Social Security numbers Divorce papers Green cards for resident aliens Employment verifications Two most recent paycheck stubs Tax returns for the last two years Three most recent bank statements Assets Saving accounts (balances, account numbers, and institutions) Credit union (balances, account numbers, and institutions) Mutual funds (balances, account numbers, and institutions) IRAs or 401(k)s (balances, account numbers, and institutions) Equity in current home Cash flows from rental properties Pensions or annuities Alimony Life insurance—the face amount and cash value TIP: Remind self-employed buyers that they’ll be subject to extra scrutiny. Tell such buyers to provide balance sheets and company tax returns. TIP: If you’re working with an engaged couple, tell them about FHA Bridal Registry Accounts, which allow family and friends to make cash wedding gifts toward the purchase of a house. Debts Mortgage and home equity loans Monthly bills Credit card balances Student loans Car loans Alimony and child support payments TIP: If you have a car loan with only a few payments remaining, lenders may not count the balance toward your outstanding debt. “Real Estate Update,” NATIONALASSOCIATION OFREALTORS®, May 2001 For the Advanced Salesperson: Online Mortgages You can use online loan sites to help buyers determine what’s available or actually apply for a mortgage. Sites include direct lenders and mortgage brokers. Some caveats: 1. Be sure you know what kind of product you’re applying for. 2. Is the site licensed to do business in your state? 3. Where do you go for closing? 4. How and when can you lock in rates? 5. Is there someone to talk with—an 800 number—if you have questions? Portions supplied by Wendy Furth and Ken Bradley, Coldwell Banker Residential Real Estate Inc., Kendall Town & Country, Miami Understanding Credit Ratings > | |