Next month I will be heading to Arizona to look for a vacation home. I am looking for around 130,000. My only debt is my mortgage that I only have 36,000 left on with a monthly payment of 774 including escrow. They said my middle score was 805 , salary of 78K and 20% down in checking and 189k in 401k, 20 years with the same company. I contacted Chase to get pre-approved. They gave me a Mortgage Conditional approval letter.
What I found interesting is they gave me a list of information needed and they only want 1 checking account statement, 30 days worth of paystubs and the latest statement from my 401k. They also gave me a request for transcript of tax return for 2011, 2010 and 2009. The loan officer just said for me to let him know when I found something and they will finish the process.
They also gave me and estimate of closing costs and total due at closing. So is it as easy as they are making it seem?
Vacation home search
Started by
hshearer
, Jun 20 2012 07:40 AM
2 replies to this topic
#1
Posted 20 June 2012 - 07:40 AM
#2
Brian B The Loan Professor
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Posted 26 June 2012 - 03:02 PM
No - once you get into contract the process will tighten up and you will go through the same process as everyone else - because your credit is so good the preapproval was easy for them -Next month I will be heading to Arizona to look for a vacation home. I am looking for around 130,000. My only debt is my mortgage that I only have 36,000 left on with a monthly payment of 774 including escrow. They said my middle score was 805 , salary of 78K and 20% down in checking and 189k in 401k, 20 years with the same company. I contacted Chase to get pre-approved. They gave me a Mortgage Conditional approval letter.
What I found interesting is they gave me a list of information needed and they only want 1 checking account statement, 30 days worth of paystubs and the latest statement from my 401k. They also gave me a request for transcript of tax return for 2011, 2010 and 2009. The loan officer just said for me to let him know when I found something and they will finish the process.
They also gave me and estimate of closing costs and total due at closing. So is it as easy as they are making it seem?
Good Luck
B
#3
Posted 26 June 2012 - 07:27 PM
Thank you. What the mortgage agent said is that is what is needed after I go under contract. I have any additional info if they should need it. They also said if I use a chase checking account and auto payments they will give back 1% of the principle per year up to $500. Now just to find my dream house!
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