Business Spotlight: Mortgage advice from two leading Haymarket area loan officers ….
If you are considering a new mortgage—for a second home or a new home—now might be a good time. You may also be thinking about refinancing your home for improvements or other life expenses. I’ve asked a couple of local mortgage experts for their advice on getting through this process smoothly.
Curtis Scott, a Senior Loan Officer with MVB Mortgage points out that nowadays qualifying for a loan isn’t necessarily the hard part, it’s the documentation. Securing mortgage approval and satisfying credit underwriting guidelines are not the difficulties that plague mortgage consumers. It’s meeting the rigorous documentation requirements that causes most consumers to fall flat. The process, requirements and guidelines are the same for everybody—good preparation with valid documentation and a little patience will surely help.
In the past, excellent credit held a big part in the loan approval. Lenders could forgo documenting other aspects of the loan qualifications, such as income and assets. In today’s lending world, however, everything needs to be hard-copied, guideline-documented and verified. Every nook and cranny of your financial life has to be corroborated, double-checked and reviewed again before closing.
Robin Farrell, a Senior Loan Officer with George Mason Mortgage offers this helpful checklist when preparing to speak to a lender about a mortgage:
- Check your Credit Report
As a consumer, you may receive a free credit report annually by going to www.annualcreditreport.com. Also, don’t open any new credit accounts when preparing to buy or refinance.
- Make a List your Assets
You’ll need a copy of your two most recent bank statements on all accounts. Prepare to explain any large deposits on your statements.
- Gather Pay Stubs
Income-salaried employees will be required to provide a year to date pay stub. Self-employed borrowers are required to provide the two most recent tax returns, the average of both years will be used.
- Gather Home Documents
If refinancing, these will include a copy of your most recent mortgage statement, HOA payment coupon and home owner’s insurance information.
Curtis Scott can be reached at 571-332-6575 or 703-364-5683 or email firstname.lastname@example.org.
Robin Farrell can be reached at 703-680-1910 or 540-222-9279 or email email@example.com
Thank you Curtis and Robin for this helpful information! See advertisements below for more information.