Buyer Information

Delays are a part of life. No matter how much you try to hurry things along, something comes up that makes you wait. Buying a home and applying for a mortgage is no different. In order to get things moving from the very beginning, we provide a list of commonly required items needed to apply for a mortgage. We have also included information about preparing for a closing and home inspections.

Mortgage Application Checklist

If you have the following items when you are ready to apply for a mortgage, you can get the process off to a quick start. When meeting with your loan officer, you will need to provide the following information:

• Last two (2) years of W-2s and four (4) current pay stubs.
• Residence addresses for the past (2) years, including landlord's name, address and phone number.
• Names, addresses and phone numbers of each employer for the past two (2) years.
• Last three (3) months of statements for all checking, savings, mutual fund, 401(k) and investment accounts.
• Names, addresses, account numbers, phone numbers and monthly payments for all current liabilities, including student loans, car loans, mortgages and personal loans.
• Addresses, liabilities and leases for any other real estate owned.
• If self employed, last two (2) years of tax returns and all schedules together with year to date profit and loss statement.
• If FHA loan, copy of Social Security card and copy of photo identification.
• If VA loan, certificate of eligibility and DD214.

By having this information available to the loan officer at the time of your application, you may be able to obtain your loan commitment faster.

Preparing For Your Closing

• Read your mortgage commitment. Your mortgage commitment will not only confirm the type of loan, interest rate and term of your loan, it will contain specific conditions required for your final clearance to close. The sooner you satisfy these conditions, the quicker you can close. Any delay in providing this information will delay your closing.
• Obtain Homeowner's Insurance. Your lender will need to see a binder or final insurance policy approximately 1 week before closing together with one year paid receipt in order to schedule. Please provide a copy to Closing Management, LLC as soon as possible.
• As soon as your loan is clear for closing, call Closing Management, LLC to confirm your desired date and time of closing. We will do everything we can to accommodate your schedule.
• Review figures one day prior to closing and obtain a certified or cashier's check for the balance of your deposit plus closing costs.
• Bring to closing: Certified or cashier's check, original homeowner's binder or policy with paid receipt, photo identification and any other items required by your lender for closing.

Home Inspections

Your purchase contract should contain a contingency for you to perform a home inspection. Usually you will have between 7-14 days from the full execution of the contract to conduct your inspection. You will them have to notify the seller of any defects that will have to be repaired in order for you to proceed. Once agreed, the seller will be required to have those items completed prior to closing.

If you are unable to reach an agreement with the seller, then you may terminate the transaction and get back your deposit, as long as you are within the contingency period. Sometimes, the seller may want to give you a credit or escrow funds and let you do the work once you have closed. Depending on the amount of the credit or your loan program, this may impact your closing. Please advise us immediately if you plan on receiving a credit or holding a repair escrow, as either situation must be documented.

At Closing Management, our Connecticut real estate lawyers can refer you to a qualified home inspector. Closing Management, LLC knows and has done business with many different home inspectors. We can refer you to an inspector who will do a thorough and professional job inspecting your new home.

Attorney Firtel will also assist you in analyzing the report you get from the inspector. He can help you determine if the home is in a condition acceptable to you, if there are repairs required, or if you should look for another property.

Contact Us

Contact Closing Management, LLC for assistance with all aspects of a home inspection. The initial consultation is free. Our real estate closing lawyers assist clients throughout Stamford, New Haven, New London, Danbury, Bridgeport, Waterbury, Hartford, Middletown, Hartford County, New Haven County, Middlesex County, Tolland County, Windham County, New London County, Fairfield County, Litchfield County, and other areas of Connecticut.