Getting a mortgage to buy a Condo or any property these days is more difficult than it once was, but not as hard as many people think. The problems with the economy have changed the rules of the game, they do not just hand out mortgages to anyone like they used to a few years ago, but if you know in advance what to expect and what is expected from you, then the whole process will be much less stressful and a whole lot easier.
If you can honestly go through the lists below and still believe that you can qualify, then you should have no problem, if you are hiding things or lying to yourself then it may be harder, but maybe still not impossible!
Before you even phone your mortgage Pattaya Prestige Properties professional you should have the items below ready to take with you. Make sure they are the most up to date and most recent copies of the required information.
1. Your two most recent years Federal Tax Returns2. Your two most recent years 1099s or W2s.3. If you are salaried, your most recent couple of months pay stubs4. Your last two months bank statements5. Quarterly statements for your retirement and investment accounts6. Details of any additional funds like gifts from your family that are going to be used as a downpayment 7. Proof of funds for any other down payment and your closing costs funds. Social Security numbers and dates of birth of all the borrowers9. Documentation of any debts or credit you have10. A list of questions you want to ask (do these in advance, you will no doubt forget something important if you do not!)
You should not believe too much of what you read on the Internet and elsewhere and then show up thinking that you are going to get the money you want at the rate you want, it may not be as clear-cut as you think it will be. You have to first present your honest financial information to your mortgage consultant, and let them know exactly what you are hoping to buy, and what your future plans are as far as moving on to a better property at some point. Your adviser can then take all your information and find a mortgage that you can afford to pay, and one that you can pre-qualify for and close the deal on.
Here is a list of example questions that you might want to think about asking your mortgage professional, make sure that any questions you think of are written down, then you can decide on which are the important ones to ask you mortgage professional.
1. Are you pre-approved?2. Is the mortgage a 30 year fixed rate mortgage?3. When will the interest rate be locked in?4. Does your mortgage professional need any additional information?5. Do you need mortgage insurance, and if so for how long?6. If you change the size of the down payment, what effect will it have on the loan, can you get better terms?7. Will paying off your current credit cards make any difference to the loan?
These are just some basic questions, but speak to friends and your Real Estate professional and they may well be able to come up with questions from their own experiences of home buying. Remember this is the biggest single purchase that most of us ever make, you do not want to leave anything to chance, even if it seems trivial.
Once you are ready to proceed, there are several things you should not do until after you have had your application reviewed by your mortgage consultant:
1. Do not make any large purchases like a new car2. Do not sign-up for any new credit cards3. If you are due to receive a large sum of money from your family, or you win several thousand on the lottery or have a loan repaid to you, do NOT deposit the money in your bank. Proving where it came from can be a major delay in moving forward.
Always remember that you are the one who signs the paperwork, so you are the boss. If the team of people helping you are not coming up with what you want, or you do not feel right about something, take action before it becomes something much bigger that you have to live with for 30 years. If you do not feel right then walk away, no matter how much you want a particular property. Question everything you do not feel right about, you do not want people around you just telling you what you want to hear or getting you a terrible loan just so they can collect their commission.
Buying a Condo or House can be one of the most exciting times of your life, be careful and do your research and you should have no problems.