At New England Asset Realty you can obtain a copy of your credit report and find out what your Fico score is through one of our reputable lender. The higher you FICO score the better interest rate you can command. You can get this information online: MyFico.com. You will provide some important information to your lender and this will allow you to put an offer in on a property that see as your home in the future. Today this is a critical part in bidding on that property. Some facts your pre-approval should have are and not limited to are 1. Your Name, 2. How much you can afford 3. If you are including some closing cost as part of your loan then it should state how much based on the loan amount 4. How long is this pre-approval good for and 5. What kind of loan are you entering FHA – FNMA – RURAL – VA Last but not least 6. How much of a down payment is your lender expecting.
Your loan officer must sign this pre-approval, and add his Loan Officer number given to him by the Division of Banks. Once this has been done then you are ready to go. Other things your lender will want right away:
1. 3 months current bank statement
2. 2 year W-2 if self-employed then 2 year taxes
3. 2 consecutive weeks pay-stubs
4. If getting a gift for the down-payment then get that gift letter filled out
properly that your lender will supply.
Organization will be the key to your success. And you will need an insurance company. You can use anyone that you are comfortable with. You will need to pay your fire insurance bill 1 year in advance prior to your closing, required by your lender.
New England Asset Realty
Making dreams come true
478 Torrey Street, Brockton MA 02301
Phone: 508.941.0111 Fax: 508.941.0155
Monday –Sunday 9-5