Congratulations on deciding to become a homeowner. Here at Mortgage Solutions LP, we understand that buying a house is a huge commitment and can be a daunting experience. As your Kingwood mortgage lender, we have made a list of tips to help you prepare for your first meeting with your mortgage lender.
Be prepared with documentation
At your first meeting, it is important that you bring all the necessary documentation. This includes but is not limited to, your personal ID, social security number, proof of income, proof of employment, bank account statements, and your last two years of IRS tax returns.
It is important that you show proof of your savings. When you buy a house you will generally have to pay a down payment. This is typically between 3% to 20% of the overall purchase price. What borrowers generally do not know is that you cannot borrow the money for your down payment from friends or family. Having proof of savings will show that you can afford a down payment and are financially ready to take on the responsibility of homeownership.
As your Woodlands mortgage lender, we understand that it is not uncommon for people to have blemishes on their financial record. Do not try to cover it up. Be honest if you have ever filed for bankruptcy, have a low credit score, or have a lot of debt. We will work as best we can to overcome these hurdles and still try to find you the best products available. We have helped many clients with problem credit, increase their credit scores.
Make sure you have as much information as possible about your new potential property. This includes all the real estate taxes, flood zone status, and any potential repairs that may be required.
Whether you are looking for a Cypress mortgage lender or are wanting a home loan in Pearland, contact Michael Durr today at 281-348-9899 to get started.