The details of financing

    Many buyers apply for a loan and obtain approval before they find the home they want to buy. You will meet with a lender, and all the information you provide is confidential. The loan application will be filled out at the lender’s office or online, depending on your lender’s preference and your personal preference. 

    What do you need to fill out your loan application?

    Employment:

    • Addresses for two full years
    • Gross monthly income
    • W-2s (if available)
    • Proof of pension, retirement, disability, or Social Security
    • Year-to-date pay stub
    • If self-employed:
    • Two years of 1040 tax returns
    • Current year profit and loss statement

    Creditors

    • Each creditor’s name, address, and type of account
    • Account numbers
    • Monthly payments and approximate balances
    • Amount of child care expenses

    Banking

    • Names and addresses of savings institutions
    • Account numbers for all accounts
    • Type of accounts and present balances

    Miscellaneous

    • List of assets in stocks, bonds, and land
    • Life insurance cash value (documented if used as cash down payment)
    • If applicant is selling home, a copy of sales contracts
    • Social Security numbers for all parties
    • Veterans- Certificate of eligibility and DD-214
    • Cash or check to pay for application fee
    • Copy of sales agreement (Agent will provide to lender)
    • Additional items requested by lender of choice

     

    You need to consider how much you can spend on a home. Consider these three factors:

    1. The down payment amount
    2. Your ability to qualify for a mortgage
    3. The closing costs associated with the purchase

     

    A lot of paperwork is involved with getting approved for a loan, and your lender is there to answer your questions. If there is something you do not understand, ask them! You will also receive a good faith estimate of closing costs at this time, so there are no surprises at closing.

    The total time from loan application to loan approval can take anywhere between 20 and 45 days or more depending on the loan type, market conditions, or the complexity of verifying the borrower’s information and qualifications.

     

    **We are a local Commercial and Residential Real Estate Brokerage and team. Our mission is to give Western Kentucky buyers and sellers an exceptional real estate experience! The advantage of working with our team is having a group of professionals who are skilled and specialized to serve your needs versus an individual agent trying to be a master of all trades. Innovation, creativity, and a consultative style drive our process that will help you effectively and efficiently, whether it’s residential or commercial real estate. For more information contact us directly at 270-908-0020 or www.WeSellPaducah.com.**

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