ALTERNATE TITLE:
"Why Mortgages Are Feminine"
First:
(a) I DO NOT recommend a lender or mortgage broker who charges an application fee. Many who have met Coco Isle Realty standards will automatically give you a discount when working thru us.
(b) Mortgage Brokers shop for you, virtually free, while direct lenders -- even your own bank -- may or may not give you the best they have -- and if they do, it may be easily beaten in most cases (thus, the mortgage broker gets paid through the back door by fees you would pay directly to a bank YOU found anyway, yet who can get you to a wholesale lender with NO store front and to whom you and I cannot go directly).
Next: Get A Mortgage?
Get Pre-Qualified -- or better yet PRE- Approved to get you the property of your choice at a better price and/or terms (use who you want but any I recommend are tried, tested, and have to work the same hours I do to get my approval -- AND in any case it is best to use a person "on the ground" in the locale you are buying (to avoid mishaps and delays, misspellings on deeds & conveyance documents, differences in local lending policies), and to hit the ground running, eg by knowing from whom to order the appraisal, etc., PLUS local lenders ALSO go to mainland banks and their mainland rates or better, as appropriate to your choice once you survey your provided alternatives.
PAYING CASH? Be prepared to show to Seller in first 10 days of a Contact evidence of sufficient cash.
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THINGS TO BRING TO A LOAN APPLICATION
( In-Person OR On The Phone):
CHOOSE AS APPLICABLE -- EMPLOYED OR SELF- EMPLOYED--
(1) Two Year Residence & Employment History
(2) Current Pay Stubs & Last Year's W-2 Forms
OR
(3) Two Years Tax Returns & Current Profit & Loss
(4) Last 3 bank statements
(5) Approximate debt -- Credit Cards, Mortgages, etc.
(6) Any Divorce Decree, Child Support Info.
(7) Driver's License Info.
(8) Lease or Rental Agreement Info.
(9) Social Security Number (credit check)
(10) IF VET: Form DDS-214 to Use Veteran Eligibility
(11th Commandment) : NO application Deposit! Nada. Zilch.
