SFMortgage.com Smart Financing The Insider’s Guide

To work the loan process to your advantage, your lender needs accurate information about you.

  1. Complete the Buyer’s Worksheet or the
    Refinancing Worksheet.
  2. If you have questions about the worksheet
    items let us know.
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What does a lender need to qualify me and provide an accurate quote?

Providing accurate information to a lender is the only way to get precise, useful feedback about the terms and interest rates of the loans for which you qualify. Also, remember that there is no such thing as ‘the rate’. Loans are priced according to many different criteria; while each lender uses the same information, each one evaluates that information differently. To shop for a mortgage effectively, use the Buyer’s Worksheet or Refinancing Worksheet to aggregate this information. Here is a list of what you need to know.

  • Middle Credit Score: A tri-merge credit report gives you the scores from the three major credit bureaus, Experian, Trans Union, and Equifax. Lenders use the middle of those three scores. You can get a copy of your tri-merge report by contacting us.
  • Employment status: What do you do for a living? Lenders want to know whether you are salaried or self-employed, how long you have been in your current position, and how long you have been in the same line of work.
  • Income: If you are going to document your income you will need to have your two most recent pay stubs and W-2s if you are salaried, or your last two tax returns if you are self-employed. Some borrowers choose to state their income; if you are stating your income lenders will not ask for income verification, but will still verify your employment status. Your mortgage broker or loan officer may be an important resource in guiding you through this part of the process.
  • Assets: You need to provide account information for your seasoned liquid assets, and retirement account assets. Liquid assets include cash and money market funds, mutual funds, and stocks and bonds; generally, these assets are considered seasoned if they have been in your account for at least 60 days.
  • Property type: Primary types are single family residence, units (duplex, triplex or fourplex), low-rise condominium (4 stories or less), and high-rise condominium (greater than 4 stories).
  • Other real estate: Lenders want to know if you own investment property or a second home. If you do, lenders need to know property value, mortgage amount and payment, and property taxes and insurance for each property.