Welcome to the first Mortgage Monday, where we will be featuring local loan officers to discuss common questions faced when applying for a mortgage or buying a home . Today, we talk with Matthew Guerra from Embrace Home Loans about what paperwork is needed when applying for a Mortgage. Watch the video below or read the transcript. If you would like to submit your own question, you can send and email to me at firstname.lastname@example.org, on our Facebook Page, or contact us through the website.
John: Hey everyone John Lapointe here from Lapointe Insurance, I’m here with Matthew Guerra from Embrace Home Loans, we’re doing the first of our Mortgage Monday Series where we’re showing some of you folks out there what you might need to know when buying a home and when you’re looking to get a mortgage.
John: So Matt, one of the questions we get all the time is what kind of documentation does somebody need when they’re going to get a mortgage, sometimes they need to bring some paperwork to show that they have the money for that mortgage.
Matt: Exactly, they usually need to have pay stubs, bank statements 2 month’s worth, and they also need W2’s. sometimes they need tax return also. What we’re trying to do is we look through each of those things to make sure things cooperate together, like if you have a pay stub that says you’re on pace to make $52,000 a year on one pay stub and your year to date shows you’re at $35,000 we need to know why. So that sometimes is when follow up documentation is necessary. If you have a bank statement with like a 5 or 6-thousand-dollar cash deposit in there, we need to know how and why that happened to make sure that it’s really your money.
John: Ok, so you need that documentation to back up
Matt: That’s what happens, you’ve got your initial documentation and then you run into the problem of the underwriter looking at it and saying it looks a little different, how come?
John: And the key there is you’re really helping your client out there. Some folks may think that “oh jeeze I need all this extra documentation” but what you’re really doing is making sure that they can afford the loan, you’re not putting them in a tough spot.
Matt: Exactly we have a DTI Requirement, a Debt to Income requirement we need to make sure they have enough income to pay for the mortgage and they also need to have the money for a down payment. It’s their money it’s their hard-earned money, they don’t have another loan on the house, but to be hidden by maybe a friend saying I’ll give you the six grand just pay me back.
John: Alright that’s awesome. Remember that guys what you need for documentation when it comes time, you’re looking to get a mortgage. Reach out to Matt, the number at the bottom of the screen or click the link below. Thanks, everyone for coming to our mortgage Monday.
Matt: Thank You
This video is part of an ongoing series dedicated to helping families and individuals answer many questions they may have in regards to the Home Buying process.
At Lapointe Insurance, we have a long history of developing relationships with Loan Officers and Mortgage Originators. That history gives us the unique experience and expertise to provide comprehensive answers to your questions. Through a plan that includes working with you to understand your unique needs, we can help ease your mind as you traverse through the home buying process.
If you would like to speak with our MA or RI insurance specialists, please call us at (508) 678-8341 or click here to begin the process by email.
If you would like to speak with Matthew Guerra, Call (401)-640-3364 or E-Mail him at email@example.com