The end of year is the perfect time to purchase a home. Why? Much less competition. Most people are busy with the upcoming holidays, Black Friday, Cyber Monday, Year-End Sales, just to name a few.
Step three – Q&As time:
After providing crucial documents, prepare to ask and answer questions from your mortgage professional. I strongly recommend to schedule a phone consultation with your loan officer. Here are some questions to ask (or to answer).
- Most recent 2 years of employment history. If you are a recent graduate from school, provide transcript to document that your study and the new employment are in the same field. If there’s a gap of employment for longer than 2 weeks, provide explanation of the gap.
- Types of income, such as hourly, salary, self-employment, seasonal work, disability income and etc.
- Large deposits on your bank statements provided. It’s very important to document any non-payroll deposits and non-interbank account transfer larger than $2,500. If a check is deposited, provide the check image (front and back). If large amount of cash has been deposited, it is likely to be backed out from total assets stated on the bank statements.
- Legal status in US (US citizen, permanent resident, working permit, visitor permit and etc.)
- How much down payment will you be planning on?
- What types of loans do your mortgage professional offer? Usually mortgage brokers have a large resource of lenders who can provide various programs that fits different individuals, however, not all lending institutions offer the same products
- Ask your mortgage professional about the timeline. How long does each step take? After providing your documents, how long will it take to know how much you can qualify for? How long will it take to obtain a pre-qualified letter (or pre-approval letter)? How long is this letter good for? Is he/she available in the weekends for questions if needed?
More tips to come. Tune in next week to find out the next steps! Or contact me today at 925-216-3618 for more information.
