Lenders and Loans


What do I need to take with me when I apply for a mortgage?

 To expedite the loan process, you should meet your lender with 1) social security numbers for both you and your spouse; 2) copies of your checking and savings statements for the past 6 months; 3) evidence of any other assets like bonds or stocks; 4) a recent paycheck stub; 5) a list of all credit card accounts and the amounts owed on each; 6) a list of account numbers and balances due on items such as car loans; and 7) copies of your last 2 years’ income tax statements. Depending on your lender, you may be asked for other information.

What are discount points?

  Discount points allow you to lower your interest rate. They are basically prepaid interest. Each point equals 1% of the loan.

What is a Good Faith Estimate?

  When you apply for a mortgage, the government requires your lender to give you a “Good Faith Estimate” (GFE) within three days of your application. This document lays out all of the costs that come with the mortgage. We would recommend against committing to a loan before seeing it.

What other costs will I need to consider besides the mortgage payment?

You will have your monthly utilities (the cost of these will depend on the size of the home and whether or not it is a condo or a single family home). In addition, you might have homeowners association or condo association dues. You will definitely have property taxes, and you may have city or county taxes. Taxes, however, are normally included in your mortgage payment.