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Getting started on your home purchase

Buying a home can be a complex process, but it doesn't have to be hard. With a little preparation up front, you can save a lot of time and hassle.

Gather documentation

In order to consider a loan application, all lenders need personal information to verify employment for you and your co-borrower (if there is one). Information regarding debts and assets also is required.

To expedite the paperwork process, gather the following items:

  • Most recent paystubs for one month
  • W2s from the last two years
  • Signed copies of your last two years' Federal tax returns, including all schedules
  • Homeowners insurance company name and number
  • Most recent asset statements for two months (checking, savings, investment, retirement)

Understanding costs involved 

Within three days of your loan application, your loan officer must provide you with a Good Faith Estimate (GFE) of closing costs.

In addition to your down payment, here is a brief rundown of fees that could be associated with your new mortgage: 

Application/Processing Fee – Charged by the loan officer to process your loan application.

Underwriting fee – Charged by the lender to evaluate your loan file.

Appraisal Fee – Charged by the appraiser to determine the current value of the property.

Closing Fee – Charged by the closing agency (escrow, attorney, title) to ensure the close of your transaction.

Credit Report Fee – Charged by the credit reporting agency to provide your credit report to your loan officer and/or lender.

Title Search/Title Insurance Fees – Charged by the title company to ensure the property is free from liens or title defects.

Notary Fee – Charged by the Notary Public to notarize your loan documents.

Origination Fee – Paid to the originator to obtain a lower interest rate. This is usually expressed in the form of points. One point equals 1% of the loan amount.

Discount Points – Paid to the lender to secure a lower interest rate.

Miscellaneous Fees – VA and FHA loans may have other fees associated with them. Private Mortgage Insurance (PMI), document preparation, notary, recording and tax service are other fees which may fall under this category.

Let us help you evaluate your personal situation and assist you in finding the loan program that works best to meet your goals and needs. 

 

About

Weichert Financial Services Established in 1980 in Chatham, New Jersey to offer real estate-related financial assistance to the customers of Weichert, Realtors, Weichert Financial Services has grown by leaps and bounds. Currently serving home buyers and sellers in 36 states, Weichert Financial Services leads the way in full service under one roof, supplying mortgage loans and encompassing both Weichert Insurance Agency and several tittle insurance companies. By seeking out and contracting with ...

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Contact Us

Weichert Financial Services
Phone: (800) 829-2274
Email: wfs@weichertfinancial.com

 

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Company NMLS # 2731 (www.nmlsconsumeraccess.org). Mortgage Access Corp. d/b/a Weichert Financial Services, Executive Offices: 225 Littleton Road, Morris Plains, NJ 07950. 1-800-829-CASH.  Licensed Mortgage Lender – AL, AK, AR, CA (Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act), CO, CT, DE, DC, FL, GA (Georgia Residential Mortgage Licensee, License #15719), IL (Illinois Residential Mortgage Licensee), IN, IA, KY, LA, ME, MD, MA (Massachusetts Mortgage Lender and Broker Licenses #MC2731), MI, MN, MS (Mississippi Licensed Mortgage Company), NJ, NM, NY (Licensed Mortgage Banker - NYS Department of Financial Services), NC, OH (Registration #MBMB.850209.000 & SM.501248.000), OK, OR (OR Mortgage Lending License #ML-2528), PA, RI (Rhode Island Licensed Lender and Loan Broker), SC, TN, TX, VA (Licensed by the Virginia State Corporation Commission - Lender License #MC-297, NMLS #2731 (www.nmlsconsumeraccess.org), WV, and WI. Weichert Financial Services arranges loans with third-party providers.   Equal Housing Lender.  Equal Housing Opportunity.

 

 

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