Preparing Your First Meeting with a Miami Home Mortgage Lender
Once you have been pre-approved and have decided on what home to purchase, you want to start the loan approval process. This process begins with a first consultation where you and your Miami Fl mortgage lender talk about your multiple possibilities.
In the first reunion, the mortgage broker will help you fill out a 1003 mortgage application. To accelerate the mortgage process, you will need to bring a few documents that are needed for the approval of the Miami mortgage:
- A purchase contract for the home (if you have one)
- Your bank account numbers and the your bank’s address, together with checking and savings account statements for the previous 3 months
- Pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and earning proof
- Credit card statements for the last few billing periods, or canceled checks for rent or utility bill payments, to show payment history and total amount of revolving debt
- Data on other consumer debt such as car loans, student loans and retail credit cards
- Balance sheets and tax returns, if you own your business
- Any gift letters, if you are taking a gift from a parent or family member or other organization to pay for the down payment and closing costs. This letter needs to indicate that the funds are truly a gift and will not need to be repaid.
By taking with you those documents when visiting your Miami mortgage broker, you’ll help accelerate the loan application process.
Also, you might have to give an appraisal fee which will pay for the obligatory appraisal of the property you want to buy.
After the first reunion, you should have an answer within 48 hours. Usually, you may “forget” about the mortgage process and keep on with your life while your Miami mortgage broker works hard at getting the mortgage for you.
