Often much attention is given to the rate in a mortgage transaction. Equally important is the product that the consumer will choose. What does this mean? Well, for some consumers it means the lowest rate does not always save them the most money.

There are many variables that also play an important role in making your mortgage decision, including term, product type, fixed or adjustable, rate locks, and loan amount. The loan amount is often overlooked and, though most experts agree that borrowing 80% of the value of the home to avoid Private Mortgage Insurance, is a good idea, sometimes a larger down payment can actually cost more. A few alternatives may include paying of a higher rate non tax deductible debt or investing in tax free bonds that yield more than your mortgage rate, and even investing excess down payment funds in the stock market.

Navigating this maze can be somewhat confusing, so always consult a mortgage professional, financial planner, or tax advisor.

Preparing to meet with a mortgage professional...
Having the following information with you when you apply for a loan will significantly speed the processing of your pre-approval or mortgage loan:
Social security number(s).
Your annual gross salary (list overtime and/or bonus separately).
Your last 3 pay stubs.
If in sales or marketing, or a commission income position, or claiming any interest income or bonus income, please provide two years tax returns and a year-to-date profit and loss statement.
Your W-2 statements for last two years.
If you receive social security disability or pension income, bring a copy of a check and award certificate from that agency.
If you are self-employed, bring copies of your personal and business tax returns for two years, business profit and loss and balance sheet for the current year.
List all stocks, bonds, and/or certificates of deposit, including their cash value in today’s market. If available, bring statements for the last two months.
If you are presently renting, provide landlord’s name, address and phone number.
Name and address of all employers for the last two years.
Bank names and address for each savings and checking account, including account numbers and balance in each account. Please bring last three months bank statements.
Present housing expenses, i.e., monthly mortgage or rental payment, maintenance, utilities.
If divorced or separated, provide a copy of your final divorce decree and separation agreement or property settlement.
Original executed Purchase contract, if applicable.

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