Taking loan for Buying Home (Austin, Post: mortgage, first time home buyer, employment)

[DallasDream]

Iam a propective first time home buyer Can any one suggest some good mortage lending banks,mortagage financing firms etc which
gives you better rate. What criteria should be used even before approching a bank for taking loan

[DallasDream]

when you take a loan there are 2 things associated with a home loan. one is APR and other is the actual Finance rate. Whats the difference between both. IS there any catch if one is high and other is low.

[nsumner]

The APR includes your loan amount as well as all the fees that are associated with purchasing the home. It will ALWAYS be higher than the interest rate you pay on the home.

I will send you a DM for a dependable mortgage company. Posting contacts on here is not permissible.

You will need a minimum of 3.5% saved up for a down payment. Although the more the better position you will be in. You will also require money for closing costs and prepaids but those are negotiable as sometimes sellers offer to pay some of those as an incentive to sell their house.

You need steady employment and will be required to be employed in the same like of work for at least 24 consecutive months.

Anyway, there is checklist that I will include in the DM.

If you are self employed, the requirements are whole lot different.

Naima

[DallasDream]

Naima thanks for your reply could you send me the checklist directly to my inbox.

[nsumner]

Here is the basic checklist that any mortgage company will ask you. Depending on your circumstances, they may ask for additional info:

-Paystubs for the past 60 days (these will have to be updated based on the closing date)
-W2 forms for the last 2 years
- Bank statements with all pages for the last 2 months, checking and savings
- Investment accounts statements for last 2 months, even if you are not using those funds
- Most recent 401K statement (all pages)
- If you are a veteran, you will be asked for your DD214 or the lender can help get it from Austin
- Loan application form

Of course you'll be asked for contact for employer and landlord contacts so verifications can be done.

Some examples of additional info is tax returns, any bankruptcy discharge papers etc.

Naima