PURCHASE INFORMATION FOR EXISTING HOMEOWNERS

There is so much information on the internet for first time homebuyers, we felt it was important to devote a portion of our site to seasoned homebuyers who have already owned one or more homes. The mortgage industry has gone through so many regulatory changes since 2008, there is a good chance that the process will be somewhat different than you remember. Fortunately you have found our company. Making the loan process as smooth as possible is what we excel at.

If there is one thing about the loan process that has changed the most from the loans that were being made prior to 2008, it is the amount of documentation lenders require now. While there is no easy way to avoid this, what we’ve learned from our past buyers is that being asked for additional documentation three, four, and five times throughout the loan process is not at all pleasant and is also not terribly efficient.

At Uptown Mortgage our mortgage brokers have the experience to be able to look at your particular situation, and identify very accurately what the underwriter will likely require to underwrite your file. Being diligent and thorough at gathering the needed documentation at the beginning of the loan process almost always results in a very clean underwriting approval. It also ensures that we move through the loan process to closing your loan as quickly as possible.

There are many situations that we’ve encountered over the years that could have been avoided by doing a better job educating our borrowers before the loan process began. Clients frequently express concern about understanding the process of applying for a mortgage loan so they can better prepare themselves for the process. These questions are designed to assist you in preparing for your loan process so you can minimize the stress and requests for additional documentation that occur during the loan process.

Asset Related Questions

Can I use cash deposits?

Can I take a cash advance on my credit card?

Can I deposit checks from sources other than my payroll check into my account?

What about transfers into my account from another account?

What do I do if I have already received money in my account?

What other things does the lender look for on account statements?

When do I need to have my down payment?

What is required for gift documentation?

My agent is writing my offer this afternoon and I forgot my checkbook. Can my girlfriend (or mom or brother or friend) write the earnest money check for me and I can pay them back?

I don’t have enough money in my account for my earnest money. Can I write a check from my credit card account?

Will my earnest money count toward my down payment?

Do I always get my earnest money back if I don’t purchase the home?

What other expenses will I have to incur in addition to what is on the closing cost estimates provided by my loan originator?

Credit Related Questions

What could I do on my credit that would jeopardize my loan approval?

Employment/Income Related Questions

What if I want to change jobs just before or during loan application?

My job is good through the closing date and 1 week after closing, I have a new job. Is that OK?

I haven’t filed my taxes for this year (or previous years). Can the lender use the last two years that I have filed?

I just filed today and the IRS can give me a printout that I filed. Will that be sufficient to close the loan.

Closing Related Questions

When I go to closing, how do I provide my funds?

Who attends the closing and how much time do I need?

I can’t attend the closing and I want to use a Power of Attorney (POA)?

What will the lender check the day of closing?

Reasons to Own

  • 1.

    Interest deduction

    Owning your own home will reduce the amount you pay annually in income tax in most cases. The rent that you pay is not tax deductible, but the interest and taxes you pay on a home you own is. Couple that with the fact that the cost to rent has been increasing, it may even be cheaper to own than rent.

  • 2.

    Equity growth

    On top of the tax benefits of home ownership, you will also be growing equity in the home that you own. Just like you invest in your 401k, investing into your own property is going to provide you with an asset that historically appreciates. Why would you want to continue paying off someone else’s mortgage with your rent payments?

  • 3.

    Stability

    Are you tired of moving every couple of years because your landlord raises you rent or decides to sell the property you’re renting to someone who wants to live there? Let alone having to ask every time you want to do something to the property to make it more like home. Buy a place that is truly your home!

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