Long Beach Island Real Estate Mortgage Loan Organizer
Long Beach Island Real Estate Mortgage Loan OrganizerLong Beach Island New Jersey Real Estate
Buying a home in the LBI New Jersey real estate market is an exciting process. While I encourage all perspective buyers to thoroughly enjoy this process, there are some important steps that should be taken when considering the financial side of things. Once you have located the home to purchase, and if you are seeking a mortgage, you will need to fill out a mortgage loan application. The LBI real estate market is highly competitive. It is important to take some proactive steps to ensure the loan process goes quickly and smoothly. One of these steps is to make sure a preapproval or prequalification letter can be issued in a timely manner to accompany your offer. This Long Beach Island real estate mortgage loan organizer will help you to understand the items most commonly required by lenders so you can be ready when time comes.
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Long Beach Island Real Estate Mortgage Loan Organizer
- Identification: The dream act requires all mortgage loan applications to provide two forms of identification, one of which is the photo ID.
- Income and Employment: A buyer in the LBI real estate market should organize income documents including pay stubs from the last 30 days, federal income tax returns, W-2s, 1099 forms for the past two years, and ensure that all documents are legible and easy to read.
- Assets: A buyer should organize bank statements and have 2 months past history for all accounts including checking, savings, money markets, and investments. Any large deposits, generally considered to be over $1,000, may require an additional explanation, so be ready.
- Credit: A credit report will have to be issued, but it is important for a buyer to remember multiple inquires can lower a credit score. Be sure to only have the lenders with whom you are most likely going to be working with run your credit score.
- Rental Property or Second Homes: Banks will look at real estate investments, including rental properties and second homes, even if they are not on Long Beach Island. You should have all documents relating to these properties including mortgage statements and tax bills. In some cases, lenders will require a reserve to be shown for payment of the bills.
Long Beach Island Real Estate Mortgages and Financing
All lenders will require different items when processing their loans, so it is important to consult with your mortgage professional to see exactly what they will require. The above list will give you a good starting point for the documents most lenders need to process the loan. For more information about this Long Beach Island real estate mortgage organizer, financing a home on Long Beach Island, or the LBI real estate market in general, contact me and I will be happy to answer questions you have.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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