close your home loan
TRANSCRIPT
Getting a mortgage doesn’t have to be complicated.
Team Crowell simplifies the process.
Here’s what you can expect to happen.
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There are a variety of loan programs out there.
We’ll help you find the one that’s right for you and
your needs.
Here’s a quick rundown on different loan types.
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Start collecting these items to keep your loan file moving.
And remember, you’ll be asked for more documents along the way.
• Tax returns and W-2 forms from the most recent 2 years
• Asset statements from the most recent 2 months
• Paystubs from the most recent 30 days
• Valid government-issued photo ID
Keep a look out for these new disclosure forms from Team Crowell.
Loan Estimate: You’ll get within 3 days of applying for a mortgage.
Closing Disclosure: You’ll get this at least 3 days before closing.
Team Crowell Tip#1: Promptly sign and return both forms so we
can keep your loan on track.
Your lender is required to pull a refreshed credit report before your loan closes. Any major changes can delay your
closing or even result in a denial.
Keep your credit clear while your home loan is in the works and avoid these things.
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Five elements make up your credit score. Each element affects your
total score by a fixed percentage.
Payment history – 35%: Pay your bills on time.
How much you owe – 30%: Don’t owe more than your credit limits.
Length of your credit history – 15%: A short history isn’t a bad thing, if
you show responsible credit management.
New credit inquiries – 10%: Lots of inquiries into your credit can
lower your score.
Types of credit you have – 10%: A variety of credit types – like an auto
loan, credit cards, and other credit accounts – could boost your score.
A credit score influences your home-buying potential and the program
you qualify for. The higher your credit score, the better your loan terms.
Click the link below to download our credit brochure to learn more.
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A good credit history shows your lender that you can pay back your
loan. But a perfect credit history isn’t necessary. Talk to your loan
officer if you have credit concerns.
Team Crowell Tip #2: Visit
to request a free copy of your credit report each year.
https://www.annualcreditreport.com
If you make a down payment less than 20% of
the home’s sales price, you may have to pay
mortgage insurance (MI). MI is a financial safety
net for lenders in case the buyer defaults on their
payments. MI is tax deductible. Your income
determines how much MI you could deduct.
Start shopping for homeowners insurance when you
start shopping for a home. You must show proof of
insurance before you can close on your home loan.
TEAM CROWELL TIP #3: Get a policy that covers
(at minimum) your total combined loan amount or the
replacement cost listed on your appraisal.
You can always adjust your insurance policy to
meet your needs.
Bring a valid driver’s license or government-issued photo ID for each
borrower. You also need to bring a cashier’s check made out to the title
company or issue a wire transfer to pay for any closing costs. Check
with your title company for full details.
TEAM CROWELL TIP #4: Give us a shout at 206.682.6400
or [email protected] with more questions!
Our team is passionate about making a positive difference – and it shows!
Check out what our customers have to say about us.
Still want to know more? Read our past client reviews on Yelp.
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