Earl Weikel
 Principal Broker / Realtor

Help For Buyers
Before meeting With a Lender
Not sure what paperwork you need to take to the lender when it's time to apply for a home loan? Here's a basic checklist to make sure that you have all the documentation you need to get your loan application approved faster.

Checklist of Home Loan / Mortgage Items Required

Employers - Names, addresses and telephone numbers of all your employers for the last two years.

W-2s - These are the forms you get from your employer in January each year for filing your income tax returns. Usually you will need to provide copies of your W -2s for at least the two most recent years. Other income information can be included, such as child support or alimony, interest or
dividends, social security, pension, and rental income, if you choose to have them considered. Self-employed individuals will always need additional documentation.

Pay Check Stubs - Bring your pay check stubs from the last 4 weeks before the date of your home loan / mortgage application.

Federal Income Tax Returns - If self-employed, expect to be asked to provide complete copies of the federal tax returns you filed for
the last two recent.

Your Bank Statements - You will need to provide statements from all your accounts (checking, savings, money markets, certificates of deposits, mutual funds, 401(k) or other retirement accounts) for the last two months. Lenders need to verify the exact amount of cash you have available for your down payment and other costs associated with your home purchase like the appraisal, the home inspection and attorney fees. For certain mortgage loans, a portion of the down payment may come from a gift from a family member
or a grant from a local down payment assistance program and these will need documentation, too.

Current Debts - Provide the account numbers, current balances and the minimum monthly payments of all credit accounts, such as loans,
credit cards, child support and other payments you make each month.

Note: Never leave your original documents with the lender.

 
 For mortgage rates in Louisville, KY call any of the following lenders: 

      Stockton Mortgage - Call Bev Leonhardt at 502-445-2827

      Capital Mortgage Corp. - Call Jerry Hodges at 502-813-2600

      First Commonwealth Mortgage - Call Jason Justice at 502-641-6468

    Chuck Crosby - Crosby Law Office - Call Chuck at 502-499-6360 with your real estate legal questions
        2303 Hurstbourne Village Dr, Louisville, KY 40299 www.RealEstateTitleAttorneyLouisvilleKy.com
        Email: chuck@crosbylaw.org

    Harry Borders - Borders & Borders Attorneys - Call Harry at 502-894-9200
        920 Dupont Rd # 100, Louisville, KY 40207


Home Inspectors We Recommend

    East End Home Inspections - Jim Breslin 502-458-9690

   HomeWise Inspection Service - Giles Lanham 502-408-9007

   Win Home Inspection - Bob English 502-426-4635
  

Termite Inspectors We Recommend
   
    IPM Integrated Pest Management  502-456-4416

    Bright Pest Control  502-452-9600


*You may choose anyone you want. You don’t have to pick someone from this list. I cannot guarantee another person’s work or how they will work for you. This is just a list of who our clients have had good experiences with in the past.

8 Steps to Getting Your Finances in Order

1. Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.

3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.

4. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.

5. Save for a down payment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent down payment.

6. Create a house fund. Don’t just plan on saving whatever’s left toward a down payment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

7. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.

8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.