What Documents Are Needed to Apply for a Mortgage?

documents-apply-mortgageSo you’re looking to purchase a new home or perhaps refinance an existing mortgage loan, but you aren’t sure of the documents or what information you need before speaking with a potential lender. This is a commonality we find with many of our clients and to help you better prepare, I’ve come up with a list of all necessary documents when looking for a mortgage loan.

1.  Mortgage Statement from your 1st (and 2nd if you have one) Mortgage. (This is just the monthly bill that your mortgage holder sends)
2.  2 Years of W2 Forms from your employer (To clarify: Not your tax returns, just the W2 forms your employer sent you at the end of each year)
3. Last 2 Pay stubs (Last 30 days of income)
4. Homeowners Insurance Declarations Page(s) for all properties (Your insurance company sends this to you once a year.  If you can’t find this, just put the name of your agent and the phone number)
5. Social Security Number & Pension Award Letters
6. Federal Tax Returns
7. Copy of Drivers License/Photo ID

 

Make sure to do your research before applying for a mortgage. Take a look online at the housing market (http://www.mortgagenewsdaily.com/mortgage_rates/daily.aspx) to see what the average rates are for the week. You can also research different types of loans (https://geqfinance.com/home-loans-overview.php) to see which you may be interested in learning more about and pursuing. Before speaking with a lender, look up your credit score (www.experian.com). You’re able to get up to three free credit reports each year so if you haven’t inquired recently, check it out to see where you stand. This will allow the lender to pull up more accurate information on rates you qualify for.

Don’t overwhelm yourself. This is a big decision. It could quite possibly be the biggest decision of your life. Although owning a home can become stressful, it is an exciting accomplishment for anyone. Call us today to speak with a loan expert to discuss what options you have: 800-245-3279.

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Global Equity Finance: Our Goal is to Help You Accomplish Yours

Global Equity Finance is here to help. When inquiring about a home mortgage loan or the refinancing process, many turn to the big banks, such as Chase, Bank of America, Wells Fargo, Capital One, or CitiBank. If not a bank, they turn to the bigger, more well known mortgage lending companies such as Quicken Loans, Lending Tree, or AmeriSave.  Global Equity Finance can provide something different  – a personal touch. Being a smaller company, we get to know our borrowers on a personal level to find out what their refinance and loan goals are and work diligently with them to find the perfect loan program to suit their needs.

global-equity-financeWe realize being in the mortgage industry that we have the opportunity to change lives. Refinancing with us could open up many new doors and allow for more leisure and less stress in your life.

Our expert Loan Consultants have many years experience in the Mortgage Lending and Finance industry and go through intense training to ensure they are knowledgeable and can provide you with the best possible service.  Our Loan Consultants are trained to get to know the potential borrower, determine their needs and goals, and find out what loan program availability we have for them. Being a full service lender and broker, we can often provide more options than most banks or mortgage companies.

In the end, numbers don’t lie.  The way we do business and our success with our borrowers reflects in our A+ Better Business Bureau rating as well as our 5 Star TrustLink rating. With over 100 reviews, we are especially proud. Contact us today for a free quote, and join those hundreds of people talking about how amazing we are.

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Am I Eligible for the HARP loan (Home Affordable Refinance Program)?

Introduction
The HARP loan is known by many different names including the Obama Plan, Making Home Affordable, the  Obama Refi, DU Refi, and Relief Refinance. This plan was developed to help homeowners who owe more than their home’s current value. There are different regulations and guidelines depending upon whether you go through the federal government, Fannie Mae, Fannie Mac, or different mortgage lenders and insurers. With that being said, if one bank or lender turns you down for the HARP, continue to shop around as you still may be eligible. After all the overall goal of this program is to help homeowners improve their stability.

Requirements & Qualifications
So how do you know if you’re eligible for the HARP? First and foremost, your loan must be backed by Freddie Mac or Fannie Mae and your loan was closed on or before May 31, 2009. There are no exceptions to this rule. Second, you must have a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.  For more information, check out HARP’s website.

RestrictionsHARP-Home-Affordable-Refinance-Program
Now you know what you need in order to qualify for this program, but there are limitations within it once approved. You may only refinance using HARP once and only once. You cannot take cash out to consolidate debts or consolidate more than one mortgage. If you currently have Premium Mortgage Insurance on your loan, you are required to keep that on your new loan. However, you are not required to obtain insurance if you do not already have it. For more specific restrictions, read Dan Green’s FAQs at TheMortgageReports.com. (http://themortgagereports.com/259/harp-making-home-affordable-guidelines)

How to Apply
Applying is easy. Before you apply, you will need all the information about your existing loan, any second mortgages, and any other information regarding credit cards or personal loans. Just like any other loan, you may need to pay for some costs such as any processing and underwriting fees, appraisal (in some cases, there is no appraisal required), and title and escrow. These costs vary with each loan.

HARP will end on December 31, 2016 so if interested, contact us today so we can lock in a low rate!

Apply now.

Not sure if your loan is Fannie Mae or Freddie Mac? Look it up.
Click here for Fannie Mae or call 1-800-7FANNIE
Click here for Freddie Mac or call 1-800-FREDDIE

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