Buyers, want to speed up the loan process so that you close escrow on time? Be sure to use these 5 helpful hints from Union Trust Mortgage Broker, Bobbi Clemens to complete your loan application.
1. "Seasoned" Down Payment: Keep your down payment and closing costs in an account with your name on it for at least two statement periods. If a parent is giving a gift - give it NOW and then let it sit in the account until you are ready to buy.
2. Complete Financial Statements: Two months of statements from all bank or stock or investment accounts - all pages, every single page - even if the last page is blank.
3. Rental History: If you pay rent to a private individual, instead of a property management company, then make copies of canceled checks for the past 12 months. If you don't keep them at home be sure to order them early from the bank.
4. Verification of Self-employment: If you are self-employed, include a letter from your CPA that says you have been a client for the past two years and have filed taxes as self-employed.
5. Verification of Employment - In many companies, verbal verification is not permitted. A form needs to be faxed in and it takes a few days to verify current employment. Find out NOW the indvidual (and their fax number) who can provide a verification of employment (usually HR).
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