[ ] Copy of your Purchase & Sale Agreement.
[ ] Your present mortgage information.
[ ] Two year history of employment and verification of all income sources.
[ ] If self-employed, copies of past two years Federal Income Tax Returns.
[ ] Information about your checking, savings and credit card accounts.
[ ] Name, account number and outstanding balance of each of your debts.
[ ] Application deposits.
[ ] Information about any assets.
[ ] Information regarding any other assets that will be used as funds to close.
[ ] If FHA - Copy of Social Security card and photo ID.
[ ] If VA - Certificate of Eligibility or DD214.
[ ] If Employee Relocation Client - include relocation information and copy of offer, promissory note and copy of check on bridge loan.


Questions For Your Lender

[ ] Are both fixed-rate and adjustable mortgage loans available?
[ ] What is the interest rate?
[ ] How long can I "lock-in" the financing at the current interest rate?
[ ] Is a float down lock available in case rates drop after I have locked in?
[ ] What are the other fees a lender may charge me in conjunction with my loan?
[ ] Are funds for a second mortgage available?
[ ] On adjustable loans:
· How often will the interest rate be adjusted?
· Is there a maximum limit on each rate change?
· How often will the monthly payment be adjusted?
· Is there a ceiling on payment adjustments?
· Can the term of the loan be extended?
· What is the maximum rate that can be charged over the life of the loan?
· Is there any potential for negative amortization?
[ ] Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.
[ ] What is the "grace" period? How late can a monthly payment be made before a late charge is assessed? What will happen if a payment is missed?
[ ] If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?
[ ] Do you have to pay "points" to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.
[ ] Will the lender require mortgage insurance?
[ ] Is the loan serviced locally or is the servicing sold?
[ ] Ask for a written "good faith deposit".