JAY HEAVENER REALTORS & AUCTIONEERS

Part of the mortgage process involves getting finances in order, finding a lender & getting matched with a loan that suits your financial picture.  Once you can figure out how much you can spend on a monthly payment, then you can think about obtaining a mortgage.  When choosing a loan:

1.  Call at least five lenders.

2.  Shop for the specific loan product you have chosen.

3.  Ask for the exact interest rates, total commission & fees for the loan.

4.  Find a mortgage with the best rates & fees.

1.  What is your expertise?

2.  How long have you been in the business?

3.  Ask about specific loan products.

4.  What products do they recommend & why?

5.  What are the risks?

6.  What's the worst case scenario?

• Social Security Numbers, Card & Drivers License
• Residence Address -- past 2 year
• Names & Addresses of each employer -- past 2 years
• Gross monthly salary
• Names, addresses, account numbers, balances -- all checking & savings accounts
• Names, addresses, account numbers, balances & monthly payments of all open loans
• Address of other real estate owned
• Loan information on other real estate owned
• Estimated value of furniture & personal property
• Sales contract
• Money for credit report and appraisal
• Year-to-date pay sub and 2 years W2's
• One months bank statement

• Check your Credit Report for innaccuracies & correct them.  Remember that cosigned accounts affect your credit rating.  You may want to contact all three Credit Bureaus to correct inaccuracies, Equifax, Trans Union and Experian.
• Be sure to pay any open collection.  If they are paid but still show on your credit report, contact the collection agency & ask them to report is as paid. 
• Make sure all accounts are current on payments.  If you are having problems in making payments, contact the entity to whom the money is owed & make arrangements to get the account caught up.
• It's not a good idea to close accounts with zero balances or open new credit thinking this will improve your score.  It could actually cause your score to drop even lower.
• It takes time for your credit score to go up, so be patient.  Stay on top of your personal finances; keep account balances low and do not open new accounts that you will not use.