Mann Mortgage wants to be your Nevada
mortgage broker. We understand everything about securing loans in Reno, NV, and
want to be your partner in the – sometimes confusing – process.
To
help ensure that your application for a mortgage in Reno goes
smoothly, we’ve listed below several tips so you can receive a timely decision
on your loan in Reno, NV. These tips are designed to help you avoid some of the
most common pitfalls that cause delays in the loan approval process when trying
to obtain a mortgage in Reno. Half of the entire process for securing a
mortgage in Reno is dependent upon you, the borrower. To ensure a speedy credit
decision on your loan inquiry, be sure to read and follow our tips.
- Provide all
documentation that is requested. Any missing documentation is likely to
cause a delay in your loan approval process for loans in Reno NV. To
obtain loan approval, you will typically need to produce:
- Pay stubs
covering the most recent thirty days
- W-2
statements covering the past two years
- Bank
statements covering the most recent three months
- 401K, IRA, or
mutual fund accounts showing the most recent transaction summary
- Stocks or
certificates of deposit (copies)
- Purchase and
sales agreement (copy)
- 12 months’worth
of cancelled rent checks or the name and address of your current landlord
(if applicable)
- Fully
executed divorce decree (if applicable)
- Deed, hazard
insurance policy, and most recent tax bill if you are refinancing
(copies)
- A letter
explaining any known credit problems or fluctuations in income
- For Reno mortgages, if you are
self-employed, paid by commission, or own real estate used for rental
purposes you will need to produce:
- Two years of signed
personal federal income tax returns including all schedules
- If
self-employed through a corporation, the last two years' corporate
returns as well as a year-to-date profit and loss statement and balance
sheet
- If additional
information or documentation is requested at the time you’re applying for
a mortgage in Reno, please provide it immediately.
- Read all
disclosures carefully and ask questions of your Nevada mortgage broker if you
need clarification. It is best to communicate all requests and
clarifications in writing early in the process to obtain loans in Reno, NV.
- Ensure that the
income you report on your application is the same income as that which is
reported on your tax documents.
- Inform your
loan officer or Nevada mortgage broker of any past
credit problems.
- Review your
credit report carefully to verify its accuracy. The credit report
companies receive their information from national credit repositories
including Experian (formerly TRW), Trans Union, Equifax, and public
records search firms. The information reported to the repositories is only
as current and accurate as the information reported by the creditors.
Information should be disputed by contacting the creditors directly and it
should be completed in writing. The names, addresses, and phone numbers of
most creditors are listed on the last pages of your pre-qualifying credit
report and are listed as Direct Check Addresses. Once you have settled the
disputed accounts the information is then provided to the repositories
that will then make the appropriate changes.
- When signing
your closing documents, sign your name exactly as it is printed. For
example, you may need to include your middle name or initial in your
signature.
