Congratulations on your decision to investigate the purchase of real estate! The Scenic Oaks Funding Loan Team are committed to making the process smoother and we recognize the importance of discussing the financial aspects of your purchase.
Being Pre-approved with an established lender such as the Scenic Oaks Funding Loan Team is essential to a successful purchase transaction. This can be accomplished in a 10 minute conversation if you are prepared to address the following information:
Residence – You will need the address, zip code and phone numbers for all the places you resided in for the last two years. Provide rental amount (if applicable) or mortgage, tax and insurance amounts if you own your current residence.
Personal – Provide name (first, last and middle initial), social security numbers and date of birth for all parties involved in the transaction. If married, provide same even if spouse will not be a party to the purchase.
Credit – Be prepared to discuss any unusual issues regarding your credit (judgments, liens, derogatory payment history).
Income – Be prepared to discuss all sources of ongoing income. If employed, you will need business name, address, and phone number of employers and dates of employment for the last two years. Have your most recent 30 day pay stub available.
Tax Forms - Be prepared to provide the first page of your last two years IRS 1040 available. If you are Self Employed, you must have been so for at least two years. Any unusual deductions should be disclosed at this time.
Assets – Have the name of each repository and type of account (checking, savings, 401K, IRAQ, CD) along with approximate balances in each. All assets to be used should be in an account as soon as possible.
Down Payment & Closing Costs - How you plan to cover down payment and closing costs can be discussed during this phone call. This phone call and the information required are designed to make you feel at ease with the process. No commitment is expected nor is any pressure applied. Our goal is simply to help you make an informed decision when buying Real Estate and to provide your real estate agent the tools they need to make a successful offer.