Financing a Home Designed For Life
What to Expect when Financing your Home
Throughout the years, we at Rey Homes have worked with hundreds of people and families to get them in their new dream home, and one thing is for sure – the financing of your new home can be very stressful. In some aspects it’s putting your whole life on the line, and we know with a decision like this you need to take your time and not only find the best mortgage for you and your finances, but the best person to work with. Welcome to our financing page where we help you do just that, from connecting you with some of the best lenders we have worked with over time to breaking down all the questions to expect and information you’ll need.
Our Lending Partners
Below you’ll find a short list of Rey Homes Certified mortgage lenders. This means that these are people and companies that we have worked with in the past and learned that they have the same goals as us: to get our new homeowners in the best home for them at the best price possible and in a financial situation they will be able to sustain moving forward. So take some time to contact them and be ready to ask questions because they will be ready with answers.
Rey Home Certified Lender
Telli Cardarelle
Mortgage Equity Partners
Phone Number (Direct) – 407-460-4489
Phone Number (Office) – 407-565-2326
E-Fax – 407-565-2340
Email – tcardarelle@meploans.com
Website – http://mortgageequitypartners.com/
Questions Lenders Will Ask ...
Questions about the purpose of the loan
- For example, is this for a new home or refinancing a current mortgage? If for a home, will it be your permanent residence or vacation home?
Questions about employment and income
- For example, where do you work? How much do you make? How long have you been working there?
Questions about your savings and assets
- For example, how much do you have saved in the bank? How much do you have saved in bonds or assets?
Questions about your debt
- For example, what recurring debts do you have? What do you pay monthly on credit cards? Auto loans?
Questions about your down payment
- For example, what is the size of the down payment in comparison to the price of the house? What is the source of that money – purely savings or gifts/inheritance?
Information You Will Need:
If you collect a paycheck
- W-2 form(s). Usually you will only need the most recent W-2, though some may require two years worth.
If you own a business
- Profit and loss statements and/or 1099 forms. This prevents loans to those with little or no proof of income.
Recent paycheck stubs
- At least one month of verified income. Again, protection from giving loans to those with little or no proof of income.
Most recent federal tax return
- This prevents any risk of fraud throughout the mortgage process.
A complete breakdown of your debts
- Credit cards, student loans, car loans and child support payments with details on minimum monthly payments and balances. This helps mortgagers calculate your debt to income ratio.
A complete breakdown of your assets
- Bank statements, mutual fund statements, real estate and automobile titles, brokerage statements and detailed records of any other investments or assets. This is further evidence that you will be able to pay any unexpected expenses that may occur after paying for the down payment and closing costs.
Canceled checks from your rent or mortgage payments
- This proves that rent was paid on time in previous home renting/payment situations.
While this list is not comprehensive of what you may encounter with your unique situation when applying for a loan, it is undoubtedly a great start in preparing yourself for one of the biggest financial transactions of your life. Any more questions? Feel free to email us at info@reyhomes.com and contact us online. We will be sure to help in any way that we can.