The Buying Process

Getting a Mortgage

Securing a mortgage is the first step toward closing – and moving day. Of course, if you’re pre-qualified you are a step ahead.

The mortgage application process can be confusing and intimidating, especially to first time purchasers – but today’s market offers homebuyers more options than ever before.

Have Your Records Ready

Organizing your records ahead of time will help speed things along when you’re completing mortgage applications. Our mortgage documentation can help you keep track of everything you need.

Ask your Coldwell Banker agent for a list that fit's your needs

  • Pay Stubs. Current pay stubs for the most recent 30-day period.
  • W-2 Forms. IRS W-2 forms for the most recent 2 years.
  • Tax Returns. If you are self-employed and own more than 25% of your business or if more than 25% of your income is derived from commissions, tax returns for the most current two years.
  • P&L Statement and Balance Sheet. If you are self-employed and own more than 25% of your business, business tax returns for the most current two years, a year-to-date profit and loss statement and balance sheet.
  • Bank Statements. Current bank statements for the most recent two-month period or quarter.
  • Landlord Information. If you are a first time homebuyer and currently renting a home, please provide the name, address and telephone number for your landlord(s) for last 12 months.
  • Landlord Information. If you are a first time homebuyer and currently renting a home, please provide the name, address and telephone number for your landlord(s) for last 12 months.
  • Rental Agreements. If you own rental properties, provide current rental agreements on all rental properties.
  • Closing Statement. If you have sold a home within the last 6 months, please provide your closing statement for the property sold./li>
  • Sales Content. If purchasing a home, please provide a copy of your executed sales contract and all addendums.

Shop For a Lender

There are many types of lenders in today’s mortgage market – review their loan terms to decide which offers the best package for your needs. If you have credit problems or other difficulties, look for a lender specializing in this type of loan. Don’t forget to check out online lenders as well.

Consider Loan Types and Terms

Today’s mortgage market offers a bewildering array of financing options and loan programs – each with different rates, points, and amortization schedules. Consider the details of each so you can select the one that best suits your needs.

Choose the Right Loan

After considering the various mortgage programs available it’s time to make your selection. Don’t forget to review all aspects of the loan, not just the interest rate – the points, fees, and term can be just as important.

Watch Interest Rates

Keep an eye on interest rates during (and after) your mortgage search. Many lenders offer the option of locking in the interest rate before closing – a valuable alternative if rates are rising.

Apply for Your Loan

Carefully complete each section of the application and provide all of the documentation required by the lender along with the loan application fee. Maintain frequent communication with your loan representative – if you haven’t heard anything within 1-2 weeks call and ask about the status of your application. Respond promptly to any requests for additional information.