What paperwork should I put together in order to qualify
for a loan?
This list is not all inclusive, and every situation is
different, but it does cover much of what you will need to
provide to our team at Liberty Home Mortgage Corporation:
W2's and/or 1099's from last two (2) years
Pension Awards Letter (if applicable)
Social Security Awards Letter (if applicable)
Personal tax returns (all pages and all schedules)
from last two (2) years
Business tax returns (all pages and all schedules)
from last two (2) years
Last 2 months of bank statements (all pages)
2 most recent paystubs dated within the last 30 days
Valid driver's license & social security card
Bankruptcy papers (all pages and all schedules)
Divorce Decree (all pages)
Separation agreement (all pages)
For those who collect child support, letter from Child
Support Enforcement Agency showing the last 12 months
of receipt of child support and birth certificates for
the children
For those who pay child support, letter from Child
Support Enforcement Agency stating that there are no
arrearages
Last 12 months of cancelled rent checks (if
applicable)
Name & phone number for whomever you wish to use
for homeowners insurance
Name & phone number of your landlord (if
applicable)
Phone number of human resources for your employer
Copy of your business license
Copy of Articles of Incorporation
DD-214 & Certificate of Eligibility
Year-to-date profit and loss sheet
In 2-4 sentences, type, sign and date letters of
explanation on any bankruptcy, foreclosure,
collections or deposits greater than $100 into your
bank account which are not payroll deposits.
Accurate address history for where you have lived from
today back 2 years
Accurate employment history from today back 2 years
including the employer name, address, city, state,
zip, phone number, position held, start & stop
date and phone number for human resources
If you are a recent college graduate, copy of your
diploma and transcripts, along with the full name,
address, city, state, zip code, phone number for
admissions and start & stop dates for school
For any collections which are paid off, verification
letter stating that they are paid off
Cancelled earnest money check (for purchases)
What if I have had a bankruptcy or foreclosure?
At Liberty Home Mortgage Corporation, we understand that
life sometimes throws curveballs and has some bumps at
unexpected times. For that reason, bankruptcy, foreclosure
and negative marks on a credit report are acceptable in
certain circumstances and situations. These situations are
analyzed and decisions are made on a case-by-case basis.
Is it possible to raise a credit score in a short period
of time?
No matter what someone is shopping for (a car, a mortgage,
a house), they always seem to search for the "lowest
price" or "lowest rate." Unfortunately, finding the
"lowest" of something does not necessarily mean that you
are finding the "best" that there is available. In the
world of mortgages, the absolute lowest rate oftentimes
comes in the form of a Variable Rate Mortgage or
additional fees, costs and points. Do not be fooled by
advertisements on the Internet or television commercials.
The correct way to shop for anything is to ask questions,
get educated and find the people who will deliver what
they promise.
Fixed interest rate vs. Adjustable interest rate - Which
loan is better?
This is a question which always comes up. Since every
situation is different, there is no exact answer; however,
Liberty Home Mortgage Corporation truly believes that
being safe and conservative is always the best financial
decision for a family, which is why we will more often
than not, recommend a fixed interest rate mortgage loan.
Adjustable rate mortgage loans are good loans for those
who do not believe that they will be in the house for a
long time, or are expecting a significant increase in
income in the near future and will be putting down a
significant amount of money, thus ensuring that they have
equity in the case of having to refinance into the future.
In the end, every situation is analyzed, and what is in
the best interest of the borrower is what Liberty Home
Mortgage Corporation does.
Is the mortgage loan with the lowest interest rate always
the best loan?
No matter what someone is shopping for (a car, a mortgage,
a house), they always seem to search for the "lowest
price" or "lowest rate." Unfortunately, finding the
"lowest" of something does not necessarily mean that you
are finding the "best" that there is available. In the
world of mortgages, the absolute lowest rate oftentimes
comes in the form of a Variable Rate Mortgage or
additional fees, costs and points. Do not be fooled by
advertisements on the Internet or television commercials.
The correct way to shop for anything is to ask questions,
get educated and find the people who will deliver what
they promise.
Home Equity Loans - What are they and how can they be
used?
A home equity loan is a type of mortgage loan in which the
equity of the home is used for some other purpose. Those
purposes may include, but are not limited to, paying off
other debt (such as credit cards or other types of loans),
buying additional real estate (such as rental properties),
investing in the kids' college tuition, or making home
repairs or upgrades. Many lenders actually advertise
taking out equity to go on a dream vacation - we do not.
We believe in a conservative financial approach to debt
because in the end, debt-free is what everyone strives
for. Even though Liberty Home Mortgage Corporation is not
a financial advisor, we do believe in sound management of
one's financial affairs. Knowing this, all of our
representatives are trained to take this type of approach
with our clients.
Is it good to use a real estate agent to help buy or sell
a home?
This question is like asking, "Is it good to go to a
doctor when you are sick or diagnose yourself by going
online and Googling it?" A real estate agent is almost an
absolute must when it comes to shopping for a home or
selling a home. They are an invaluable asset, and
oftentimes put out most of the fires which arise while
buying or selling a home. An agent ensures that the
contract is abided by, it is written correctly, the
processes of buying or selling a home are followed
properly, and their client's best interests are followed.
A real estate agent has a fiduciary duty to operate in the
best interest of their client. Additionally, real estate
agents are some of the most service-oriented professionals
across any industry. Not using an agent for a real estate
transaction is often a major mistake and leads to terrible
consequences down the road. Liberty Home Mortgage
Corporation prides itself in having a large real estate
agent network and is highly respected within the real
estate agent world.