What supporting documentation is required?
You will be asked to show supporting documentation, here is the complete list of what will be asked:
- W2 Earner: Recent 30 Days Paystubs & Last Year’s W2
- Self-Employed: Recent Two Years 1040 Tax Returns (federal portion only)
- Most Recent Two Month’s Bank Statements, all pages included
If Real Estate or Land Owned
- Mortgage Statements, all properties
- Homeowner’s (Fire) Insurance Policies, all properties
- HOA Monthly Dues Statements, all properties, as applicable
Home Purchase Documentation
- Fully Executed Purchase Agreement
- Escrow & Realtor Contact Information
- What is an ARM?
- Should I consider a loan with private mortgage insurance (PMI)?
- What is the minimum down payment required on a purchase mortgage?
- What is the maximum percentage of my home’s value that I can borrow on a refinance loan?
- What is the maximum debt-to-income ratio allowed?
- Is paying off an existing second mortgage or home equity line considered cash out?
- Can I keep my existing second mortgage or home equity line and refinance my first mortgage?
- Can Empire of America finance the purchase of a property through a short sale?
- Am I able to refinance a property that was recently listed for sale?
- What is the difference between a conforming loan, a super conforming loan and a jumbo loan?
- Can I apply before I find a property and get pre-approved?
- What is a subordination agreement?
- What is a three-day right to cancel?
- What is title insurance and why do I need it?
- What is prepaid interest?
- What is the difference between an Interest Rate and an APR?
- What should I do if I’m not sure about the annual real estate taxes?
- What steps should I take if I become a victim of identity theft?
- How can I obtain a free credit report?
- Do you have any programs that don’t require income documentation?
- How quickly can you close my loan?
- What is your rate lock policy?
- Are any fees collected when I lock?
- What if rates drop after I’ve locked?
- What happens if the loan process takes longer than my lock period?
- Can I choose a different program or rate after I’ve locked?
- Can I relock my rate if I cancel and reapply?
- If rates fall after I’ve locked, will you lower my rate?
- Should I lock or float my rate?
- What is an escrow/impound account?
- What are included in your closing costs? What are pre-paids & are they different from closing costs?
- Why do you charge a Lender Fee?
- Should I pay discount points?
- What is a rebate/credit?
- Can I prepay the loan without a penalty?
- What is your minimum credit score requirement?
- How can you offer such low rates?
- Is there a fee or any obligation if I apply?