As a Troon North real estate specialist, I am often asked about the steps involved when applying for a mortgage. Applying for a mortgage has become a more lengthy process in the last few years. Gone are the days when you could get a no-documentation loan if you simply had a pulse. In general, most lenders now require extensive financial records
from borrowers. Therefore, in order to apply for a mortgage, future home buyers
must be prepared. Below I have outlined the five ways my clients looking at Troon Homes can make their loan application into a
The first step is to obtain a free credit report from
Experian, TransUnion, or Equifax. Future borrowers should review the report for
late payments or other inquiries, because they will have to be explained in
writing. Also, any tax liens, open collections, or judgments must be taken care
of in order to obtain a mortgage. The second step is for future borrowers is to
organize all of their financial documents; obtain the pay stubs and bank
statements for at least the past two months and have the federal tax returns,
W-2â€™s, and 401(k) statements for 2009 and 2010. Accuracy of information is
important. If there has been a change in information, such as change of name or
address, then those changes must be reflected in the financial records.
The third step is to keep finances simple for at least two
months. Future borrowers should not make any questionable deposits into their
accounts, because lenders will want to know the source of these funds. Lenders will want a written statement to explain these funds. Overdrawing
must be avoided.
The fourth step is for future borrowers to document their
downpayments. If future buyers received large amounts of funds, such as from an
inheritance, transfers from other accounts, or a 401(k), then they must have a
statement from the institutions to validate those funds. Remember, any money
that will be part of the downpayment must be in the borrowerâ€™s account at least
two weeks before closing. Finally, future borrowers must have a stable work
history for the past two years; future borrowers who have had temporary jobs or
who have switched jobs should wait an additional year.
After being approved, you can make your dream of owning a Troon North home into a reality.
If you are interested in Troon Homes or would like view homes elsewhere in Scottsdale feel free to contact me directly at (800)
Realtor | Attorney
The Brodeur Luxury Group | Trillium Properties
8755 E Bell Road, Suite 108 | Scottsdale AZ 85260
Cell (602) 791-0536
Direct (800) 300-0263