THE MORTGAGE APPLICATION PROCESS

This month, our blogs have been focused on getting yourself a new home. We started with the younger generation talking about the idea of moving out and all that it entails. From there, we spoke about the basics of getting a mortgage and what you need to know. And then, we asked a tough question. "How do YOU know YOUR ready to buy a home?" Each topic covered a different area of getting your new home. But nothing beats the feeling of hearing your offer has been accepted! 

Now, it's time for the fun part. The application process. But, what does it entail? How do you know what to provide? All questions that we here at Tropical Financial are prepared to assist you with.

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

That's it! Just a few simple steps and you are on your way to your new 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 and guidance on purchasing you new home. speak with a knowledgeable loan officer from Tropical Financial Credit Union who will be there every step of the way.

^Alysha