MORTGAGE PROCESS: STEP TWO COMPLETE THE APPLICATION

There's NO better feeling than when you get a call from your realtor to tell you the seller just accepted the offer you made on the perfect house! After you finish celebrating that big milestone it's time to get the financing process underway.

If you've already been pre-approved a lot of the documentation needed will have already been provided, but just in case here is a list of what you'll need:

• Last 2 years of documented income (tax returns, W2s, and/or 1099s)
• Last 2 months of bank statements (checking, savings, and retirement)
• Last 30 days of paycheck stubs
• Explanation for any credit inquiries or letters explaining negative ratings
• Proof of downpayment or gift funds
• Home appraisal fee
• Signed executed purchase contract

Now you are on your way to moving into your dream home! Note of caution: Do NOT make any large purchases or apply for any new credit while you're going through the mortgage process. Credit is pulled one more time just before closing and anything new on your credit report could upset your debt-to-income and potentially prevent the deal from closing.  So wait until you have those keys in hand before you buy the new furniture.

For more help, I suggest working with a knowledgeable loan officer from Tropical Financial Credit Union who can guide you every step of the way!

^Amy