Jennifer Lee Mazeika

GRI, ABR

“Home is where your story begins, I’ll help you get there.”

You Submit Your Mortgage Application

I remember when my husband and I first started looking for a home in the Smith Mountain Lake, Virginia area. It was a place we had fallen in love with after visiting my husband’s family a number of times. Anyway, we had just moved down from Pennsylvania and at the time we were living in my in-laws guest house. We were in our mid 20’s, newly married and anxious to move out on our own.

We were first-time home buyers. We started looking at listings on-line and driving thru different neighborhoods around the Smith Mountain Lake, Virginia – like Moneta, Goodview, Hardy and Huddleston. These were all very good first steps.  But you know what our first step should have been. . .

  1. Checking Our Credit Scores
    This is the number that mortgage lenders will look at to determine whether you are “creditworthy”. The average credit score is 695. Only about half the people that apply for a mortgage fall in the 700+ range.
  1. Figuring Out How Much Home We Could Afford
    You should honestly assess your financial situation, including your income, monthly expenses and debts, job stability and determine roughly what you can afford to pay each month. Use the Zillow Affordability Calculator  to determine how much house you can afford. By entering details about your income, down payment, and monthly debts, you can estimate the mortgage amount that works with your budget.
  1. Getting Pre-Approved for a Mortgage
    If you have given yourself ample time before purchasing your new home, I would recommend visiting more than one mortgage lender to find the right fit for you. I work with three very professional mortgage lenders in my area on a regular basis. They are listed on the sidebar of this “Buy A Home” blog page. Just click-on a name in the “Preferred Mortgage Lender” list to see their information.

Once you have found a mortgage lender and gone through the process of supplying your tax forms, W-2’s, recent pay stubs, savings and debt obligations, the lender will let you know at what rate and how much they are willing to pre-approve a mortgage for your new home.

This is a crucial step in buying your first home!  It shows the seller that you have what it takes to buy their home.  In most markets, a pre-approved mortgage is required for a seller to take your offer seriously. It shows the seller that you are both willing and able to purchase their home.

Getting a pre-approved mortgage also estimates the size of loan you can handle and calculates your monthly mortgage payment.  This will also help you estimate your total monthly budget to make sure you don’t become “house poor” after purchasing your first home.

Here is what you will need to take with you for your first visit to your mortgage lender:

Loan Application Information Required

The first thing you’ll do when applying for a mortgage is complete a federally required mortgage application. Regardless of whether the application is in the paper format linked here, an online form, or done verbally with your loan officer, this linked document contains the application with the information you’ll need to provide, including:

  • Full name, birth date, Social Security number, and phone number
  • Marital status, number of children and ages
  • Residence history for at least two years. If you’re a renter, your rent payment is needed. If you’re an owner, all mortgage, insurance and tax figures are needed for your primary residence and all other properties owned.
  • Employment history for at least two years, including company name(s), address(es), phone number(s), and your title(s).
  • Income history for at least two years. If you receive commissions, bonuses, or are self-employed, you must provide two years of bonus, commission, or self-employed income received. Most lenders average variable and self-employed income over two years.
  • Asset account balances including all checking, savings, investment, and retirement accounts.
  • Debt payments and balances for credit cards, mortgages, student loans, car loans, alimony, child support, or any other fixed debt obligations.
  • Confirmation whether you’ve had bankruptcies or foreclosures within the past seven years, whether you’re party to any lawsuits, or you co-sign on any loans.
  • Confirmation if any part of your down payment will be borrowed.

Loan Documentation Required

Next comes the step of verifying all of the information provided in the application with documentation. A lender will provide a checklist based on your specific profile, but you can generally expect the following:

  • Written (or sometimes verbal) authorization for your lender to run your credit report.
  • Letters of explanation for credit inquiries, past addresses, and derogatory information on your credit report.
  • If you’ve had a bankruptcy in the past seven years, discharge papers are required.
  • If any tax liens or other derogatory items on your credit report require further explanation, you’ll be required to provide full documentation for each derogatory instance.
  • If you’re a renter with a private landlord, 12 months of canceled rent checks or 12 months of bank statements to show rent checks cleared on time. If you’re a renter with an institutional landlord, your lender can sometimes get them to complete a form confirming on-time rent payments in lieu of cancelled checks or bank statements.
  • If you’re keeping your existing home and renting it out, you’ll need to provide a lease agreement and proof that the first month’s rent has been deposited into your bank account.
  • If you intend to sell your existing home before closing on the new home, you’ll need to provide a listing agreement for the home, and it will need to close before your new home can close.
  • Pay stubs for at least 30 days.
  • W2 forms for all jobs worked in the past two years.
  • All pages of personal federal tax returns for the past two years.
  • If self-employed or greater than 20 percent owner in a company, all pages of business federal tax returns for past two years.
  • If self-employed or greater than 20 percent owner in a company, a year-to-date profit and loss statement for the business.
  • Income from rental properties can typically only count if it’s on your tax returns. If rental income isn’t on your tax returns yet because the rental property is new, lenders may accept the income if your rental property down payment was 30 percent or greater. Ask your lender.
  • If you’re divorced and receiving (or paying) child support or alimony, a divorce decree will be required, and this income typically must be scheduled for at least three more years from the time of loan closing.
  • Most recent two months statements for all checking, savings, investment, and retirement accounts. You must include all pages even if a page says “intentionally left blank” or you think there is no relevant information on certain pages.
  • If you move money among accounts, you must provide all accounts even if you’re only using one account for the down payment, because the lender will review every line item on two months of full account statements and ask you to paper-trail large deposits and withdrawals.
  • If you’re receiving gift funds, your lender will require all donors and receivers to sign a gift letter verifying the gift isn’t a loan. Some lenders want to see the donor’s accounts for verification of the donor’s ability to gift, and some only want to see the funds being received in your account. And for further reference, here are specific rules for using gift funds as down payment.

Source: https://www.zillow.com/mortgage-learning/mortgage-application-documents/

If the above information looks overwhelming and stressful don’t let it be.  The minute you open the door to your first home, you will know that it has all been worth it.  Besides, I’m there to help you get through it. I will assist you every step of the way.

Needless to say, my husband I were successful in purchasing our first home in Goodview. It’s where we started our family – our son and daughter.  As a realtor who has assisted many couples with the purchase of their first home, I’ll help get you there.

For a Free No-Obligation Consultation, contact me at 540-537-2332 or email me at JmazeHomes4You@gmail.com.

Client Tesimonials

“Jennifer was a pleasure to work with. She has gone out of her way to help us multiple times and continues to do so even after we closed on our property. I highly recommended her.
She is awesome!”

Alan D.

bought a home in Hardy, VA

“Jennifer has been the best realtor I’ve ever dealt with. She was always quick to respond and meet us wherever, whenever. She got to know us personally and would match us with the best houses. She cared more about our happiness with a home than the incentive she was getting. She helped with dealing with house inspections and dealing with the seller as well.”

Stephen C.

Bought a home in Thaxton, VA

“Jennifer was our realtor and did an excellent job. She found us a great house and it fit our budget. We put a contract on it in two days it was a pleasure working with her.
Awesome job Jennifer.”

Lee T.

Bought a home in Wirtz, VA

“We had a lot of issue’s with selling and buying another home, but Jennifer’s negotiating skills kept us from making big mistakes, like not having a home inspection. Otherwise, it would have cost us $1000.00 dollars. She was on top of every detail, even if it was a small one. Also, she was very responsive in returning phone calls. We highly recommend her as your agent. We will certainly use her again if need be.”

Barbara A.

Bought a home in Wirtz, VA

“Great realtor to work with. I came in with no knowledge about the process or anything just knew I wanted a house. She helped me and taught me every step of the way, giving great advice on everything.”

Kirsten S.

Bought a home in Vinton, VA

“I highly recommend Jennifer with any home buyer/seller needs. Jennifer was always on time to our appointments and she is so kind. Jennifer knew exactly what our family’s needs were and found us the perfect home.”

Christian J.

Bought a home in Boones Mill, VA

“I would defiantly recommend Jennifer for all your real estate purchases. Her knowledge, drive, and response times are excellent. She is very understanding and passionate about her job. She kept us informed every step of the way despite any hiccups (which she had no control over). Not only did she find us the perfect home, she did so in a way that was respectful and with class. Jennifer is by far the greatest realtor I have ever worked with.”

Jesse W.

Bought a home in Moneta, VA

“Jennifer was so helpful throughout the entire process, her recommendations for home, loan officers, and title company were the best in the business. Jennifer always had multiple options available and took our needs into consideration for every home we looked at until we found the perfect home for our family. Jennifer put a personal touch we will never forget into the home buying process and we will be forever grateful for the best service. We highly recommend Jennifer to everyone and have already enlisted her help with the selling of a family home, and she will be representing other friends and family in the purchase of their new home.”

Michelle H.

Bought a home in Moneta, VA

“Jennifer Mazeika was very attentive to our needs and prompt in answering our questions. She helped us find a beautiful home with everything we were looking for.”

James B.

Bought a home in Moneta, VA

“This was my first time buying a home and Jennifer was more than reliable.
She always replied to me quickly and took mental notes
about everything I was looking for in a home.”

 

Jessica P.

Bought a home in Union Hall, VA

“Jennifer was a delight to have as my agent. Her dedication to me as her client was superb and her knowledge of the area here in the Smith Mountain Lake is extensive.”

Nita F.

bought a home in Hardy, VA

“Jennifer was near perfect. She was always responsive; we never had to call twice. If she didn’t answer the phone, she got back to us very quickly. She was always willing to go the extra step. She is enthusiastic and her concern for us always seemed to be genuine. To put it succinctly, Jennifer made the ordeal of shopping for a
house much more pleasant than it usually is.”

Kurt S.

bought a home in Wirtz, VA

“Jennifer is absolutely wonderful to work with. She answered all of our questions (we had a lot) and took the time to help find us the right place. I highly recommend her!! I hope we get to see her around the lake!!”

Shannon W.

bought a condo in Moneta, VA

“Very professional, highly prepared, genuine, sincere and knowledgeable about the market. Prompt in returning phone calls and emails and appointments. Always enthusiastic about finding a home that meets the buyer’s wishes.”

Irene C.

bought a home in Wirtz, VA

“Very personable and knowledgeable in her profession. We got along quite well in searching for houses. Traveled throughout three counties in search of the perfect home. Continued despite numerous disappointments and setbacks.”

Doug O.

bought a home in Moneta, VA

“Jennifer has been the best realtor I’ve ever dealt with. She was always quick to respond and meet us wherever, whenever. She got to know us personally and would match us with the best houses. She cared more about our happiness with a home than the incentive she was getting. She helped with dealing with house inspections and dealing with the seller as well.”

Stephen C.

bought a home in Thaxton, VA

“Jennifer is a real estate agent we would use again. When choosing a real estate agent you want someone knowledgeable in all areas of buying and selling, who knows the “ins and outs” of the local area that also has a great personality who can make the sometimes stressful experience as enjoyable as possible. Jennifer is a triple threat! Very knowledgeable of the real estate business and the processes that go along with it. VERY RESPONSIVE. We were buying a property in Smith Mountain Lake and we lived out of town and that was difficult for us. Jennifer made us feel like we could call her anytime and that gave us a level of comfort.”

Gretchen R.

bought a condo in Moneta, VA

“Jennifer has been one of the best agents to work with. She has been very knowledgeable through the whole process. She went above and beyond and did more for us than we could have ever asked for. Answered all of our questions and understood completely what we were looking for and got us into the house of our dreams. Jennifer is an AMAZING agent. We plan to use her in the future and refer her to everyone we know. ”

Tiffani H

Bought a home in Moneta, VA