How to Collect Home Mortgage Documents

Video Transcript

"Hi, this is Jim Dimitry from Allied Home Mortgage in Lansing, MI, on behalf of Expert Village. Some of this is dragging on. Some of this is boring. I am sorry. I wish we make it lot funnier but we can't. When you see some people?s credit score you do have to laugh. Next think you have to do is collect documents. To find out where we are going to place you, if your credit score is not that high, you have a decent credit score, and you cant go full doc, the mortgage company want to see this, your W-2 from last year, your two most current pay stubs, verification of employment, they are going to call up and find out if you are working, how long you have been there and that every thing we told them is true, we need a home owner's policy so that we can change your mortgagee clause, and so that the mortgage company's name is on there, in case something happens to your house, we need other documents, sometimes like a divorce decree, sometime a divorce decree that says that she is responsible for visa ending in 0009 and he is responsible for visa ending in 0006,we need a purchase agreement, if this is a purchase, we will need a purchase agreement with a stipulations, who is going to pay the closing costs, how long we have to get the loan closed, all these things are that whether or not the refrigerator or the appliances left in there and then if we have money in your 401(k). This is really important sometimes, if your credit score is on the border line but you have lots of assets, let the assets help you to get a loan help you get a lower interest rate and push you over the hump, if your credit score is kind of border line but you have lots of assets. These are the some of the things we need from you such as a mortgage company can verify that you can make a mortgage payment."