The Byron Reed Team has provided some key resources that may help you better understand the mortgage lending process.

Understanding your credit

Checklist of Documents

Common Mistakes

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Understanding Your Credit

Understanding your credit is a crucial step in purchasing a home. When your credit report is generated, it pulls information from the 3 main credit bureaus (Equifax, Experian & Trans Union). Each bureau will rate your credit history and produce a number known as your FICO score. This score is obtained by analyzing your history using the key contributors specified in the chart above.

Payment History

One of the first things that any creditor will look for is whether you have made your payments on time.

Amounts Owed

Lenders will look to your monthly payments to determine your debt ratios. They have to show that you have not maxed out credit nor incapable of paying new debt.

Length of Credit History

The longer a person has a credit line open and shows a history of payments on-time will assist in your improving your scores.

New Credit

Opening too many new lines of credit around the same time can indicate that you are having financial difficulties and can impact your scores.

Types of Credit

A variety of credit indicates the borrower can handle all sorts of credit types. Examples of different types would be a credit card which is a revolving credit or credit that has no preconceived end of time for repayment. Another type is installment payments which is a loan where a set monthly payment and time of payoff is predetermined.

Checklist of Documents

In the beginning and during the home loan process, we will be requesting a lot of financial documentation and at times it may feel intrusive. We ask that you please keep in mind that government regulations and tightened guidelines require specific information that must be documented to complete the loan transaction.

Here is a checklist of documents that may be required.

  • Paystubs for the last 30 days
  • W2’s / 1099’s – copies of the past 2 years
  • Federal Tax Returns – signed copies of the past 2 years – All pages and schedules
  • Retirement / Disability / Social Security Awards Letter most recent
  • Documentation of any other sources of income
  • Bank Statements – 2 most recent statements, including all pages even if blank.
  • Documentation to support funds needed for your transaction. If gift funds are being used, discuss the specific requirements with your Loan Officer.
  • Photo ID – must be government issued (typically driver’s license or ID card)
  • If Servicemember applying for a VA loan please provide copy of Certificate of Eligibility

If Refinancing

  • Most recent Mortgage Statement
  • Copy of your current mortgage note
  • Copy of settlement statement when you originally purchased the property

Other documentation may be required based on type of loan and your past and current financial situation. This is especially true for self-employed borrowers or if you have irregular or non-wage income circumstances. Your Integrity Mortgage Loan Originator will be able to provide you a more detailed list of documentation required once your application has been completed.

Common Mistakes

Integrity Home Mortgage Corporation wants to make sure you have a smooth and stress-free home loan settlement. Keeping this in mind, we want to make sure that you understand that making financial changes during the loan process may negatively impact your home loan closing.

NO New Purchases

Please refrain from making any new large purchases. This includes any item that will result in new monthly debt (i.e. new car or furniture for your new home). As a lender, we will re-pull your credit right before settlement to make sure that you have not incurred any new monthly payments. This could result in delays in closing and in extreme cases, denial of the loan.

Charging up Credit Cards

Increasing your credit card balance can increase your debt-to-income ratio, which is a factor in your mortgage loan approval. A variance in this ratio can prohibit you from purchasing or refinancing your home. Retailers often offer discounts to customers who apply for one of their credit cards. We encourage you to avoid doing this, as it will show up on the summarized credit report the lender pulls before closing.

Changing Jobs

We understand that unforeseeable opportunities may arise during the loan process. If you decide to switch companies or occupations, we ask that you consult your Integrity Mortgage Loan Originator to see what impact this may have on your loan settlement. Verifying the new employment information could set back your date of settlement and impact approval.

Opening New Asset Accounts or Transferring of Funds

Review of your asset accounts will occur and any large deposits outside of payroll will require additional documentation. Many loan program guidelines will require a paper trail showing the source of the funds. An example of this would be a large cash deposit that can be from the sale of personal property. This will result in further documentation required for closing.

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Please feel free to contact us via phone, email, or fill out our contact form. We would be happy to answer your questions and discuss your concerns.