Coldwell Banker Gundaker Home Buyers Guidebook - 2017 | Page 17

FINANCIAL FAQs
Continued
Q. What documents will I have to provide? Q. What’s included in my house payment?
A. 
Be prepared to provide verification of income A. 
Principal and interest on your loan. Depending
(including a pay stub and recent tax returns),
bank account numbers and details on your
long-term debt (credit cards, auto loans,
child support, etc.). If you’re self-employed,
you may also be required to provide financial
statements for your business. on the terms of your loan, the payment may
also include homeowners insurance, mortgage
insurance and property taxes.
Q. Could anything delay approval of my loan?
A. 
If you provide the lender with complete,
accurate information, everything should go
smoothly.
You may face a delay if the lender discovers
credit problems, such as a history of late
payments or nonpayment of debts, or a tax
lien. You may then be required to submit
additional explanations or clarifications.
Be sure to notify your lender if your personal
or financial status changes between the time
you submit an application and the time it is
funded. If you change jobs, get an increase
(or decrease) in salary, incur additional debt or
change your marital status, let the lender know
promptly.
Q. Can I pay those other things separately?
A. 
Not if it’s an FHA or VA-insured loan. With
most other loans, you can pay your own taxes
and insurance if you borrowed no more than
80% of the purchase price or appraised value
of your home. Check with your lender to be sure.
Q. What do the closing costs include?
A. 
Closing costs cover processing and
administration of your loan. In addition to a
loan fee, you’ll usually be asked to prepay
interest charges, to cover the partial month in
which you close, and impounds for property
taxes, hazard insurance and mortgage insurance.
Q. When do my mortgage payments start?
A. 
Usually about 30 days after closing. The actual
date of your first payment will be included in
your closing documents.
You may also be delayed if the home you
selected fails to appraise for the agreed
purchase price.
©2017 NRT Missouri LLC. All Rights Reserved. Coldwell Banker Gundaker fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo
are registered service marks owned by Coldwell Banker Real Estate LLC. Real estate agents affiliated with Coldwell Banker Gundaker are independent contractor sales associates and are not employees of Coldwell Banker Gundaker.
17