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Buying a home

Choose a Lender and Get Pre-Approved for a Home

It is highly recommended to consult with a mortgage broker or lender early in the home buying process and get pre-approved prior to looking for a home. Front Porch Realty Group can assist you in locating mortgage brokers and lenders. The pre-approval process determines what loan programs may be available to you and suggests programs that would be best for your specific scenario. The mortgage broker or lender will also determine what your monthly payments and down payment will be. A pre-approval letter from the mortgage broker or lender which states your approval for the purchase price, loan amount and down payment is imperative before writing an offer.

Below are some helpful DO's and DON'Ts when applying for a mortgage

DO Keep originals of all paystubs, bank statements and other important financial documentation

DO Notify your loan officer if you plan to receive gift funds for closing costs

DO Notify your loan officer of any employment changes such as recent raises, promotion, transfer, change of pay status, for example, salary to commission

DO Be aware that a new credit report could be pulled just prior to closing

DON'T Change jobs/employer without inquiring about the impact this change may have on your loan

DON'T Make major purchase during or prior to closing such as a new car, furniture, appliances as this may impact your qualifying debt to income ratios

DON'T Obtain and/or deposit unusually large sums of money without notifying your loan officer. Many loan guidelines require documentation as to the source of these funds

DON'T Close or open or transfer any asset accounts without asking your loan officer about the proper documentation required for your loan file, e.g. transferring all funds from your checking into your savings account

DON'T Deposit any cash into your account within 90 days of closing

In order to expedite the mortgage loan pre-approval process, please be sure you bring everything applicable on this list to make sure your appointment and the loan process go as smoothly as possible.

Pre-Approval Checklist

Residence History

  • Past 24 months of residence with complete addressess

  • Length of time you lived at each residence

  • Name of Landlord and his/her address

Employment History

  • Employers for the past 2 years with complete addressess and dates of employment

  • W2's for most recent 2 years

  • Most recent 2 years tax returns with all schedules

  • Year to Date profit and loss statement and current balance sheet if self employed

  • If there have been any gaps in your employment, be prepared to explain the gaps

Additional Documentation

  • Copies of most recent 3 months bank statements including stock brokerages, mutual funds, IRAs, pensions etc

  • Loans and credit card statements

  • Copy of divorce papers

  • Copy of drivers license and social security card

  • Child support or alimony payments

Current Real Estate

  • Property addressess

  • Estimated market values

  • Outstanding loan balances (bring copy of most recent loan statement)

  • Amount of monthly payment

  • Amount of monthly rental income, if any (copy of any rental agreements)

Personal Property

  • Net cash value of your life insurance

  • Year, make and value of all vehicles

  • Value of your furniture and personal property

 

Working with Front Porch Realty Group

When we represent a buyer, we have your best interests at heart. Whether you’re buying a starter home or a $10 million home, you will get our full attention and our expert and honest advice. We believe that it's our job to find you a wonderful home and to partner with you throughout the entire process . Our intention is to provide you with exceptional service which we hope will lead to becoming your REALTOR for life. We look forward to not only serving your real estate needs but those of your family and friends.

With Front Porch Realty Group's unique structure, four REALTORS combine their skills, knowledge and efforts on every transaction ensuring you an efficient, effective and rewarding home buying experience.