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Richard Salzer

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I.                    Organize your Documents


Salaried employees:  provide 2 years W-2 and 1 month of pay stubsSelf-employed: provide 2 years tax returns and a YTD profit/loss statement.If you own a rental property, provide rental agreements and 2 years tax returns.  Accelerate the process:  provide 3 months bank statements for each bank, stock, or mutual fund account.Cash out refinance:  please provide a letter of explanation for what you will use proceeds for. Divorced:  provide copy of divorce decree if applicable.Citizenship:  if you are not a US citizen, provide us with a copy of your green card, or if you are not permanent resident provide us with your H-1 or L-1 visa.

 II.                  Qualification

 When buying a home you may get pre-qualified or pre-approved.  A pre-qualification is not as beneficial as a pre-approval.  A pre-approval is where the lender goes through a verification of your credit, income, assets, and liabilities.  It is recommended that you get pre-approved before you start looking for a house.  This will help you through steps 2-4.  Find out the maximum house you can buy, so you don’t waste your own time looking for properties that are out of your price range. A pre-approval puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved. Helps you close quickly, since your loan is already approved. 

 III.               Research Various Loan Options

 Think about how long you plan to keep the loan.  If you plan on selling the home in a few years, you may want to consider an adjustable or balloon loan.  If you plan on keeping the home for a long time, you may want to look at fixed loans.  Understand the relationship between rates and points.  Points are considered to be prepaid interest and are tax deductible.  Each point is equal to 1 % of the entire loan.  I.E. 1 point on a $100,000 loan = $1,000.  The more points you pay, the lower the rate you will get.Compare different programs.  Shopping for a loan can be difficult.  With so many programs to choose from, each of which has different rates, points, and fees, it is hard to figure out which loan is best for you.  That is where an experienced loan officer can help you make the decision that is best for you.  

IV.                Obtain Loan Approval

 Once your loan application has been received, the loan approval process starts immediately.  This involves checking Credit History, Employment History, Assets including bank accounts, stocks, mutual funds, and retirement accounts, and Real-estate holdings.   Several things can happen to delay closing your home.  To make sure that there are no unforeseen circumstances regarding your loan, and to make the loan process as simple as possible, follow the following guidelines: Fill out the loan application completely.  Respond promptly to any requests for additional documentation. This is especially critical if your rate is locked or if you plan to close by a certain date.  Do not make any major purchases during the loan process.  Do not buy a car, furniture, or another house until your loan is closed.  Anything that causes your debts to increase may have an adverse affect on your current application. Do not move money into your bank accounts unless it can be traced.  If you are receiving money from friends, families, or other relatives, please advise your loan officer. Do not go out of town around closing date.  If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney to authorize another individual to sign on your behalf. 

V.                  Closing on your Loan

 After your loan is approved, you will be required to sign the final loan documents.  This will normally take place in front of an attorney.  Be prepared for steps 2-4.  Bring a cashier check for your down payment and closing costs if applicable.  Personal checks are not normally accepted. Review the final loan documents.  Make sure that the interest rate and loan terms are what you were promised.  Also, verify that the name and address on the loan documents are accurate.  Sign the loan documents.   Your loan will normally loan shortly after you sign the loan documents.


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