Lathrop Real Estate, Lathrop California Real Estate, Lathrop Ca Real estate

Helpful Hints When Applying For Your Home Mortgage

Lathrop Real Estate, Lathrop California Real Estate, Lathrop Ca Real estate

Or how to miss the bullets that will come your way

Lathrop Real Estate, Lathrop California Real Estate, Lathrop Ca Real estate Lathrop Real Estate, Lathrop California Real Estate, Lathrop Ca Real estateLathrop Real Estate, Lathrop California Real Estate, Lathrop Ca Real estate

General hints below

In order to expedite the processing of your mortgage application, please be prepared to provide the following information to your loan counselor at the time of your meeting:

INDICATES ITEMS THAT MUST BE PRESENTED AT TIME OF APPLICATION. BALANCE OF ITEMS ARE REQUIRED ONLY IF APPLICABLE.

Social Security Number(s)

W-2 forms and/or 1040 forms (1040's apply if income is bonus', overtime or commission, or if self-employed.

Application Fees (if applicable).

Names, addresses (including zip codes) and phone numbers of all employers 24 months prior to application of mortgage.

Names, addresses (including zip-codes), account numbers, monthly payments and current balances of ALL installment debts.

Names, Bank drawn upon and account numbers of ALL revolving debt, ie: Mastercard, Sears, Gas Charges, etc.

Names, addresses and account numbers for all checking accounts, savings accounts, money market accounts, etc.

Profit and Loss and Balance Sheet for year to date income, IF SELF EMPLOYED.

If divorced, a copy of the divorce decree.

If receiving any type of assistance (de: child support, alimony), up to 6 months of verification.

Social Security benefits, a copy of the award letter, Retirement pay, pension or other suitable verification would apply.

DIVIDEND AND INTEREST INCOME, copies of the last 2 years 1040 forms, and certificates and/or statements.

BANKRUPTCY, copies of petition, schedule and discharge. A written explanation as to the reason the bankruptcy occurred, is also required.

RENTAL PROPERTY, copy of lease agreement.

COMPANY RELOCATION, copy of relocation package, or name and phone number of the director of relocation of your firm for proper verification.

COMPANY BUY-OUT, provide a copy of the companies offer and a copy of the contract on the sale of your present home.

A recent paycheck stub will be necessary if overtime is being used to qualify for your mortgage. The stub should reflect the hourly rate of pay, together with that pay period's overtime in addition to the year to date earnings.

INDICATES ITEMS THAT MUST BE PRESENTED AT TIME OF APPLICATION. BALANCE OF ITEMS ARE REQUIRED ONLY IF APPLICABLE.

P.S from Bill and Pat
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WHAT IS ESCROW?

An escrow is created when money and/or documents are deposited by two or more persons with a third party which are to be delivered upon the happening of certain conditions. The third party is known as the escrow agent or escrow holder.

The authority given to an escrow holder is strictly limited by instructions provided by the parties involved. Consequently, an escrow holder acts on mutual instructions deposited into escrow and DOES NOT represent any party. The escrow officer is authorized by instructions to allocate funds for items during the escrow period, such as real estate commissions, title insurance, liens, recording fees and other closing costs. Instructions also specify the method of collecting funds, proration issues, time limitations and all the terms of the transaction. The escrow process protects all parties involved by retaining money and documents until the mutual instructions are met.

The statutory definition of escrow is found in Section 17003 of the California Financial Code and reads as follows: "Escrow" means any transaction wherein one person, for the purpose of effecting the sale, transfer, encumbering, or leasing of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by such third person until the happening of a specified event or the performance of a prescribed condition, when it is then to be delivered by such third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter.

 

STEPS FOR A SUCCESSFUL ESCROW

1. Phone an escrow officer and request an escrow number. It will save you and the escrow officer time if you use this number on all future communications.

Read and understand the preliminary report. If an item is not understood, phone our escrow officer or title officer.

3. COMMUNICATE with your escrow officer. Remember, as an escrow agent, we must be instructed when to order payoffs, releases, etc. It is important that you keep us informed as to loan approval and related issues.

4. Inform your escrow officer if any changes occur. All changes should be in writing. Remember, with rare exceptions, escrow acts only on MUTUAL instructions.

It is important to understand the fiscal tax year, debits, credits, prepaid interest, impounds and due and delinquent dates in order that this information will be easily understood by your client. Familiarize yourself with