Shopping overview -> Info needed for a quote

Info needed for a quote

Providing certain specific information to a lender is necessary
to get a precise, accurate and comparable rate quote.

The only way to get accurate and specific terms and interest rates is to provide the necessary information about your unique situation. Fill out the Borrower Information worksheet in the Shopping Toolkit before calling a lender.

the most important information you will need:
  • Loan amount:
    The size of the loan is very important in determining the rate. Many websites deceptively headline pricing only for conforming loans, up to $417,000, which won’t be helpful info if you want to borrow $700,000.
  • Property value:
    Loan amount and property value determine the ‘loan-to-value’ ratio. For most loans, pricing will become higher if the loan amount exceeds 80% of the property value, and may improve if it is 65% or less.
  • Middle credit score:
    A tri-merge residential mortgage credit report provides your scores from the three major credit bureaus, Experian, Trans Union, and Equifax. Lenders use the middle of the three scores when pricing a loan. Contact me if you would like a copy of your tri-merge report.
  • Employment status:
    What do you do for a living? Lenders want to know whether you are salaried or self-employed, how long you have been in your current position, and how long you have been in the same line of work.
  • Income:
    Salaried borrowers document income using the two most recent pay stubs and W-2s. For self-employed borrowers, the last two years of federal tax returns and a profit and loss statement for the period since those taxes were filed are the norm. Understanding how a lender looks at income can be complicated; your mortgage broker or loan officer may be an important resource in guiding you through this part of the process.
  • Assets:
    You’ll need to provide the two most recent complete statements (not internet screenshots) for all your primary asset accounts, retirement and non-retirement, including statements from checking and savings accounts, mutual funds, IRAs and 401ks, and brokerage accounts.
  • Property type and property use:
    Common property types are single family residence, units (duplex, triplex or fourplex), and condominiums. Primary residence, second home, or investment are property uses.
  • Other real estate:
    Lenders require a list of all the real estate you own. For each property provide the estimated value and the annual property tax and insurance expense. If the property has a mortgage, provide the mortgage amount and monthly payment.