Applying for a loan

This may look like a lot, it's not as bad as it seems. My suggestion is to interview at least three mortgage loan originators. Some of them are originators, some are officers, they need to have an NMLS permit number (verify here on this site) to make or broker mortgage loans. Generally, if I see their mobile number on their contact info, I'm already impressed. If you are going to have your credit checked, have them all done on the same day, vs spreading out multiple checks on your credit.

Get advice from friends and family, that have bought or sold in the last 1-3 years. They have much better insight into purchasing process in this 2021 real estate market.

A great questions to ask:

"What is the difference between brokering and not brokering my mortgage loan?" "How are/ where are we getting money from, literally."

"What are your rates and fees for processing my loan? Can we estimate what I'll be paying in costs to get a loan?"

"What happens if I need an extension or multiple extensions?"

"What happens if I need a second or third appraisal?"

"Are you available on the weekend for pre-approval letters and advice?" "What are your hours?"

"What documents do you need from me, before running my credit."


Below are some examples and information on what some mortgage companies will need in order to get an estimate or exact amount of your terms for a home loan.

  • ID and Social Security number

    • "If you have a Social Security Number, [...] you can find your SSN are on tax returns, W-2s and bank statements. You may even find it on previously filed USCIS forms." - Citizen Path

  • Pay stubs from the last 30 days

    • "Getting pay stubs when you are paid through direct deposit might sound hard, but we hope this article has shown you how simple the process is."

    • How to Get a Pay Stub...

    • Pay Stub Law

  • W-2s or I-9s from the past 2 years

  • Proof of any other sources of income

    • Proof of any other sources of income including: second jobs, overtime details, interest and dividends received, bonuses or commissions received, Social Security disbursements, alimony, child support, VA benefits, and retirement benefits

    • Details of investments including: stocks, bonds, and mutual fund statements; real estate deeds; and automobile titles

    • Understanding Paperwork

  • Federal Tax Returns

  • Recent Bank Statements

    • "Mortgage lenders typically ask to see two months of recent bank statements along with your loan application. The underwriter — the person who evaluates and approves mortgages — will look for four key things on these bank statements:

      • 1 - Enough cash saved up for the down payment and closing costs

        • Closing costs are the fees and charges in excess of the purchase price of the property due at the closing of a real estate transaction. Both buyers and sellers may be subject to closing various costs. - Investopedia

        • Closing costs may include fees related to the origination and underwriting of a mortgage loan, real estate commissions, taxes, insurance premiums, title, and record filing. - Investopedia

        • Closing costs must be disclosed in advance by law to buyers and sellers and agreed upon prior to a real estate deal can be completed. - Investopedia

        • Closing costs typically range from 2% to 5% of the home’s purchase price. Thus, if you buy a $200,000 house, your closing costs could range from $4,000 to $10,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it’s important to pay close attention to these fees. - Investopedia

      • 2 - The source of your down payment, which must be acceptable under the lender’s guidelines

      • 3 - Enough cash flow or savings to make monthly mortgage payments

      • 4 - “Reserves,” which are extra funds available in case of an emergency

  • Details on long term debts such as car or student loans

Buyer Documents, No Address Needed

This is the first set of documents I send to clients buying a house. None of these documents need addresses because they cover information and advisories for buyers to be legally informed.

Making an Offer to Purchase (Buyers)

Here are the Step Two Documents that require both party signatures, buyers and sellers.

Real estate property information

    • sale price

    • last years tax amount

    • insurance, flood insurance

  • THIS AGREEMENT IS INTENDED TO BE A LEGAL AND BINDING CONTRACT. This document is filled out by a licensed Oregon Real Estate Agent/Broker or authorized person(s).

  • Buyers and Sellers should take extreme caution when wiring funds in real estate transactions. Cybercrime continues to have a widespread impact on Oregonians, and the real estate industry is no exception. Scams are sophisticated and continually changing, which requires Buyers, Sellers, and industry partners to be on constant alert to identify and report questionable practices.

  • Summary. Seller and Buyer are advised upon Closing, a Federal law, known as the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"), requires buyers to withhold a portion of a seller's proceeds if the real property is located within the United States and the seller is a "foreign person" who does not qualify for an exemption (the “Withholding Requirement”). A "foreign person" includes a nonresident alien 10 individual, foreign corporation that has not made an election under Section 897(i) of the Internal Revenue Code 11 to be treated as a domestic corporation, foreign partnership, foreign trust, or foreign estate but it does not include a resident alien individual.