Buying your first home can be an exciting and scary time as you embrace the thought of mortgage payments and investing your hard earned money.

 

Did you know you need as little as 3% down? 100% can be "gift" funds from a relative

In addition, there are buyer assistance programs to help you with your down payment? 

 

We have access to real time data compiled from the NAR, (National Association of Realtors), the Census bureau, and Pulsenomics, (experts in data analytics), to help you analyze the market and help you determine is it is a good time to make a purchase and what the current market conditions are in your area. We can provide these data matrixes directly, simply reach out to us and you will have one within minutes. 

 

WHAT MAKES UP THE CLOSING COSTS?

 

Closing fees can vary quite a bit, depending on the type of property you buy and where you buy it, but frequently include things like:

  • A fee for checking your credit report upon closing your loan

  • A loan origination fee which covers the cost of evaluating income, debt to income ratios, loan guidelines and facilitating the closing of your loan.

  • An appraisal fee 

  • Charges for any inspections that might have been required by either the buyer or the lender

  • Discount points - fees that are paid in return for a lower rate of interest

  • Title insurance

  • Survey fees

  • Title search fees, to ensure that there are no unpaid mortgages or tax liens on the property

  • Recording fees, paid to the county or city

  • Earnest Money deposit

  • Underwriting fees/Processing fees

  • Pest inspection fees

 

This is just an overview of some of the more common things that can make up the closing costs - it's not meant to be all-inclusive, since closing fees can vary considerably. 

Mortgage Needs List

You will need to provide the following documentation for the borrower AND co-borrower to help us expedite the processing of your loan:

 

  • Copies of your most current year-to-date paycheck stubs for most recent full month

  • Copies of your past two years W-2 forms

  • Copies of your past two years 1099s, federal tax returns, if self-employed

  • Copies of your last two monthly statements for each of your financial asset accounts including checking, savings, investment, stocks, bonds, mutual funds, IRA, and 401K accounts 

  • Copies should include the name of the financial institutions, addresses, account numbers, and current balances. All pages of each statement must be included (fronts, backs, and even blank pages that are included in such statements) 

  • Copy of your driver’s license and/or Passport

  • Copy of the purchase contract with all counter offers, and addendums. Please also provide the names and phones numbers of agents if possible 

 

Give us a call and we will walk you through the process, take your application over the phone and help you each step of the way!