Items needed for Pre-Approval

Posted by on Mar 6, 2011 in Blog, Understanding Your Mortgage | 0 comments

- Last 30 days pay stubs - Last 2 years W2s - Last 2 months bank statements - Most recent statement from any investment/retirement accounts - Name and number of your current landlord - Name and number of your insurance agent In addition you may need these items: - Last 2 years tax returns if you are self-employed or commissioned paid - Copy of your divorce decree if you collect or pay child support or alimony - Copy of your award letter if you receive social security income - Documentation of alternative credit if you have no history of...

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The Mortgage Loan Process: What You can Expect

Posted by on Mar 6, 2011 in Blog, Understanding Your Mortgage | 0 comments

Application Usually takes 10 – 20 minutes to complete. Approval For a purchase, your Realtor must have a pre-approval from Indigo Mortgage. Disclosures Once you are approved we must disclose loan details to you about your loan and the process. Gathering Information – Purchase Pre-approval documents and signed purchase Agreement Gathering Information – Refinance Pre-approval documents, plus, mortgage and pay-off  statements, existing survey and mortgage note Mortgage Processing Once we receive required documents and receive...

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Tips for a Smooth Loan Approval

Posted by on Mar 6, 2011 in Blog, Understanding Your Mortgage | 0 comments

DO continue making your mortgage or rent payments DO stay curent on all exising accounts DO keep working at your current job DO keep your same insurance company DO continue to use your credit as normal DO call us if you have any questions DON’T make any major purchases (car, boat big screen TV, etc.) DON’T apply for new credit (EVEN if you seem pre-approved) DON’T open a new credit card DON’T transfer any balances from one account to another DON’T pay off charge offs without a discussion with us first DON’T pay off collections...

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Expect “Speed Bumps” when buying a Home

Posted by on Mar 6, 2011 in Blog, Understanding Your Mortgage | 0 comments

12 common types of “Bumps”   Misinformation on credit report Complications with verifications of rent Short cash to close Home inspection issues Lender or buyer required repairs Missing the original closing date House does not appraise for agreed sales price Additional documents required prior to closing Interest rates increase due to market conditions Unmotivated or difficult sellers Verification of income is less than previously stated Appraisal delays Almost every transaction has minor “speed bumps.” There are hundres of...

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