Litchfield County real estate information, local events and more.

head_left_image

Get Organized Before Applying For A Mortgage

If you are thinking about buying a home this information is priceless. Before you start your home search you need to know the following.

  • Will you qualify for a mortgage?
  • How much of a mortgage do you qualify for?

George Souto of McCue Mortgage here in Connecticut has laid it out for you about what you need in order to find out if you qualify for a mortgage. Gather your documents up, talk to a mortgage professional, THEN start your home search.

If you are in Litchfield County and thinking it just might be time for you to buy a house, give me a call. I can give you the names of a few mortgage people to contact (including George!). Then we can go out and look for your new home!

What should be one of the simplest steps in purchasing a house sometimes turns into one of the biggest problems.  When I Pre-Qualify someone for a loan, I tell them that they need to start organizing the documents that they will need, especially if they plan on purchasing soon.  I then go over the list of documents that they will need for the type of loan that they will most likely be applying for.  Some documents may differ based on the Loan Program, but there are some documents that are needed regardless of the Loan Program, such as:

 

  • One month of paystubs
  • W2’s for the past two years
  • Bank statements, 1 month for conventional loans, and 2 months for FHA

As simple as these documents may seem, they can create delays when a Borrower does not listen to my advice, and does not start to comply them right away. 

 

I am always amazed at how many people do not keep their paystubs and bank statements.  Bank statements we can get around by just having the Borrower go to their bank and getting a bank printout of their account, but paystubs are a different matter.  If they do not keep their paystubs, and cannot get duplicate ones from work, then we may end up having to wait a full 30 days for them to acquire them.  That may not be a major issue for someone who has plenty of time to Close, but for someone who has to Close quickly, that could be a big problem.  W2’s can also create delays if we have to wait for duplicates from work, or for the Borrower to get them from their accountant, or IRS.

 

Other documents that are commonly needed with some loan programs that Borrowers don’t always have handy, and could slow down the loan approval process down are:

 

  • 2-3 years Tax Returns needed for:
    • Self-Employed Borrowers
    • CHFA Loans
  • Gift money documentation:
    • Copy of Gift Check
    • Proof of withdrawal
    • Proof of deposit
  • Divorce Decree:
    • Proof of receipt of Alimony/Child Support payments
  • Bankruptcy documentation
  • Certificate of Eligibility (VA Loans)

There are other documents that are sometimes needed, but these are the most common.

 

Buying a house can be a very stressful process, but much of the stress can be eliminated if the Borrower follows the advice of the Real Estate professionals that they are working with.  A little time spent on preparation and planning, can sometimes save many hours of delays, and stress during the Home Purchasing Process.

 

 

******************************************************************************************************************

Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308  gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage. 

Andrea Swiedler, Realtor, Southern Litchfield County Real Estate

2017 President, Greater New Milford Board of Realtors

2017 Connecticut Magazine 5 Star Realtor

 

 Search homes for sale in Litchfield County, CT.

 

Coldwell Banker Residential Brokerage

Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776

 

© Andrea Swiedler 2009 - 2017

 Always do right. This will gratify some people and astonish the rest. - Mark Twain

Comment balloon 7 commentsAndrea Swiedler • August 30 2011 05:54AM
Get Organized Before Applying For A Mortgage
share
If you are thinking about buying a home this information is priceless. Before you start your home search you need to know the following. Will you qualify for a mortgage? How much of a mortgage do you qualify for? George Souto of… more
Irene meets the Housatonic River
share
Without power for 9 hours, better than many in Connecticut. I read that there was something like 700, 000 customers without power in CT alone, wow! I did brave the littered streets to get to my daughters house downtown, then walked over to see the… more
The time has come…
share
There really is no time left to prepare for Irene. If you didn't do it already, well, it will have to do. I am counting on only a tropical storm by the time it hits me, but the coastline of Connecticut is certainly at risk. Here in my town we suffer… more
The Camera VS The Real Estate Agent… Who Will Win?
share
This morning I read a great post by Michael Thornton, RadnorLake Photography & Video. Michael talks about setting yourself apart, Making the Ordinary, Extraordinary… It is a great post, Michael doesn't disappoint. Not in his thoughts, not in… more
Chase Bank and the Cow Pie Saga…
share
Per my Chase negotiator, Anna Lisa, whom I was finally able to speak with today (after over a month of leaving messages and speaking with random customer service reps in her place), they would rather foreclose on the house. It makes more sense to… more
If the seller won't disclose, the pesky home inspector will! A…
share
When someone talks to me about selling their home, price is the first thing that comes up. My standard phrase is "price it accordingly", then we discuss what I mean by that. Price it according to condition. Price it according to… more
Litchfield County Estate for Sale, Cobble Hill Farm, A Connecticut…
share
Fantastic renovated federal style antique colonial for sale in Litchfield County. This wonderful home is set overlooking 58 acres of farmland and hillside views. Located 90 minutes from New York City, a perfect "weekender" home to relax… more
Google thinks I need more training…
share
I love Google, really I do. I use gmail, I have 2 emails forwarded to gmail, Google is so smart. When I reply, it replies from the address it was sent to. A no brainer if you ask me. If I get email to my Prudential account, gmail responds as if I… more
Unwinding… unplugging…
share
I have been reading a few posts about taking time off recently. How important it is… unplugging, getting away from it all. Recharging ones self. Turn off your phones, go away on vacation, give your clients to someone else to take care of. It all… more
Litchfield County Real Estate News, Swiedler & Adams take…
share
BREAKING REAL ESTATE NEWS IN LITCHFIELD COUNTY! Drum Roll Please! Liddy Adams and Andrea Swiedler have formed the Swiedler & Adams team within Prudential Connecticut Realty!!! Liddy brings years of real estate experience, owning her own… more