Do You Have a Mortgage Checklist?
06/24/2016
The Maine Realtors Association just announced that single family existing home sales increased over 25% compared to one year ago. The median sales price was up 2.84%, climbing to $190,250.
Ed Gardner, 2016 President of the Maine Association of Realtors, says, “Demand is very high and is likely fueled by continued low mortgage interest rates, Maine’s exceptional quality of life, and increasing rental costs due to the limited supply of rental units in some markets.”
Is it a buyer’s market or a seller’s market? If you need to buy or sell, then it does not matter. The market is the market. If you are ready to take the leap from renting to buying, then what matters most is making sure you have a plan and that your finances are in order.
When buying a house it helps to have some savings. Having a down payment can help you get approved for a home loan. By supplying a down payment you are more likely to be approved for a home loan. The Atlantic Federal Credit Union CU Promise Mortgage Loans offer terrific opportunities. You will receive a Guaranteed Same Day Decision, Guaranteed Closing Date and Guaranteed Local Servicing.
When you are ready to secure a mortgage, make sure you have all of the following:
- W-2 (past two years) and Pay Stub (recent)
- Self-Employed? Tax Return with all schedules attached (past two years)
- Employer Name/Address (two-year history)
- Landlord Name/Address (two-year residence history)
- Purchase Agreement (fully executed)
- Valid Photo Identification
- Bank Statements (past two months)
- Homeowner Insurance Policy/Info (refinance only)
- Deed and Tax Bill (refinance only)
- Most recent statements on loans to be paid (refinance only)
While you may be dreaming of the perfect house, be flexible. You will be a partner with available inventory, your budget limitations and the current market.
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