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Today I have Brandon Colberg with me and he’s going to be speaking about what you need to know when you’re applying for a mortgage loan in Charlotte. Brandon is a Branch Manager for Element Funding and he is also a loan officer. He thinks there are a lot of misconceptions about what it actually takes in order for a loan to come through, so he’ll be clearing up some things for us.
One major misconception is that you need 20% down to make a good down payment. Some programs only require 3% down, and some require no money down. It just depends on what kind of program you get into.
When it comes to credit scores, Brandon recommends that no matter where you think your score is, you should consult a professional and have them check your score and then strategize ways to improve it.
What sort of documentation is required to get a loan?
When it comes to credit scores, Brandon recommends that no matter where you think your score is, you should consult a professional and have them check your score and then strategize ways to improve it.
What sort of documentation is required to get a loan?
- Last 30 days of pay stubs
- 2 years of W-2’s and tax returns
- 2 months of bank statements
- A photo ID
These are standard documents needed on the front end, but an underwriter may need more from you, so prepare to dig around for documents.
Also, prepare to wait for at least 30 days for your loan to be processed, but Brandon can sometimes speed up that process if clients are pre-approved on the front end.
If you have any further questions about this, please don’t hesitate to contact me!
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