Mortgage Financing Resources & Links
Mortgage Bankers Association of America Consumer Information
The Mortgage Bankers Association of America is the leading association representing the real estate finance industry. Their consumer information site contains several tools and guides to aid in purchasing or refinancing a home.
Federal Reserve Board Consumer Information
The Federal Reserve Board maintains a webpage with consumer information, including a home mortgage section. The section covers topics such as finding the best mortgage and understanding ARMs.
Homebuyer Education by Freddie Mac
Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.
United States Postal Service Official Movers Guide
What happens after you complete the purchase process? This U.S. Postal Service site provides all kinds of tools and tips to help ease the moving process.
What You Should Know About Buying a Home
- Get Pre-Qualified – prior to your new home search. This allows you to make an immediate offer once you’ve found your dream home.
- Know Your Credit. This is critical for the type of loan and interest rate you may qualify for.
- No More Debt. You are pre-qualified partly by the amount of debt you carry. You could hinder your chance of getting the loan by incurring more debt.
- Don’t Change Your Career. Lenders consider your job and industry tenure as part of the qualification process. Changing jobs during the loan process could get you turned down for the loan.
- Don’t Wait To Get the Loan. As soon as you’ve found the home of your dreams, call your loan officer and get the loan process going. The faster your loan closes, the sooner you can move into your new home.
For All Loans
- All W-2s for the past two years
- Most recent pay stubs covering the past 30 days
- Last 2 months bank statements for all IRA, 401k and investment accounts… all pages
- Residential address for the past 2 years, if renting provide contact name and number of landlord(s)
- Name and phone number of insurance agent
- Proof of retirement income and/or social security income*
- Copy of rental agreements from income property*
- Child support/alimony: provide copy of separation agreement and/or divorce decree, plus proof of receipt for previous 12 months*
- Complete bankruptcy and discharge papers, plus explanation of bankruptcy*
- Copy of Trust document*
For Self Employed
- Two years signed and dated tax returns, all schedules
- Current Profit and Loss statement
- Partnership tax returns, all schedules
*If necessary, depending upon situation.