Interest Rates Still Low.
Interest rates for a 30 year loan are at 3.5% today September 4, 2012. For those of you who are waiting for the rates to get to the lowest point they have been in 40 years, your wait it over. Get out there an talk to your lender or bank and get pre-approved for that home you know you want to buy.
Here is what you are going to need to get the letter of pre-approval for your home loan;
1. Two current pay stubs for each person who will be on the loan.
2. Last 2 years W-2’s
3. Bank/Asset statements for two months.
4. Address of Residence last 2 years.
5. Name, address and phone number for each employer for the past 2 years.
6. Names, account numbers, balances and monthly payments for all open loans.
7. If Veteran, bring your DD214 of certificate of eligibility.
8. Check for credit report, appraisal and title insurance.
9. If self employed, last 2 years tax return and current Profit & Loss Statement.
10. Addresses of other real estate owned and loan information.
11. Homeowner’s insurance information.
12. Copy of photo ID.
13. Any questions about processing you loan.