I have reblogged the outstanding information that Gil

 Home Loan Mortgage application Preparation is The Key to Home Loan Approvals and Success

by Gil K

"I just found the house of my dreams and I want to make an offer, can you write me a preapproval letter quickly". 

Loan Agents and Realtors occasionally get clients that still think "where there is a will, there is a way". Unfortunately it should be more like "where there is a will, ability, commitment and capacity, there is a way. Its a painful transition but its also great because we are moving to a future with many less foreclosures, many fewer broken homes and many fewer hurt families.

 Statistics show that only about 55% of all people that applied for a home loan in 2010 were actually funded. It's probably safe to say that the 55% number would have improved greatly if loan applicants were better prepared for the loan underwriting process. Truth is, underwriting is not difficult but its not easy either. It can be frustrating for the best of borrowers but a whole lot worse for the uncommitted or poorly prepared home loan applicant.

 When interest rates start to climb as the economy improves, a lot of procrastinating buyers will want to get off the fence quickly. Home buyers considering a home purchase in the near future should prepare now and take the following basic steps to ready themselves for the home loan process:

-Round up the last two years tax returns and w2's

-Gather the most current 60 days worth of bank statements

-Keep available the last one months worth of pay stubs

-Offer 401k and retirement statements to show reserves and additional strength

-Keep debt low and credit in good shape

 The economy is starting to show signs of improvement which should soon start to encourage many smart well positioned home buyers.  

 

As always, staying ahead of the curve to keep you informed.

 Gil Kerbashian

NMLS # 197757

Residential Lending Since 1997

(847) 873-7295

Northwest Mortgage Services, Inc