Get Your Docs In A Row
November 11th, 2009 categories: Buyer Resource, Cotati, Fountaingrove, Mortgage Rates, Petaluma, Rohnert Park, Santa Rosa
You have decided to start a Real Estate search for the Sonoma County Home of your dreams. You have not decided on a particular location, and you are considering the family atmostphere and numerous parks of Rohnert Park, the walkable and active downtown of Petaluma, the quaint small town feel of Cotati and the gorgeous views of Fountaingrove in Santa Rosa. There are some many great places to choose from in Sonoma County that it can be a little overwhelming. So what should you do in the meantime? You should Get Your Docs In A Row so your mortgage broker / lender can help you decide your price range, based on your budget, down payment amount, potential interest rates, etc.
Get Your Docs In A Row? What does that mean? Don’t you mean get my DUCKS in a row? I do not even have a pond, so how is that possible? Get your DOCS in a row silly…have all of your financial documents ready to share with your mortgage broker.
Getting Your Docs In A Row reminds me a little of Jerry Maguire. Remember when Jerry is telling Row Tidwell to lose the chip on his shoulder and be more a team player…pleading with him..”Help Me Help You…Help Me Help You!” Well even if you do not remember, it all comes down to helping your mortgage broker or lender help you. Once they have all of your necessary paperwork, they can tell you how much you qualify for, what rate you qualify for, and this information coupled with your income, down payment, credit score, anticipated closing costs, etc. will tell you how much you can spend on your new home.
The items your mortgage broker / lender will likely need are as follows:
- Pay Stubs – w-2’s, 1099’s, anything that proves your income
- Tax Returns – Your LAST 2 YEARS of tax returns
- Any Other Loan Or Credit Line Information – lender information, loan numbers, balances, monthly amounts owed, interest rates, payoff information)
- Bank Account Statements – The most recent statements showing available funds (this will prove your ability to make a down payment and pay for closing costs)
So if you have recently started your Sonoma County Home Search, or are already looking and have not yet spoken to a Mortgage Broker / Lender…what is your next order of Business? Get Your Docs In A Row and speak to a lending professional to find out how they can help you. The lending professional will help you find out what price range you should focus on, and help you figure out when is the best time to lock in a mortgage rate.
