- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Mortgage/ loan officer question regarding timeframe, etc.
Posted on 5/16/13 at 6:31 pm
Posted on 5/16/13 at 6:31 pm
A house that my wife and I have dreamed of owning has become available.
The cost will be somewhere in the mid 600 hundreds (lets assume 650k) if we can work a deal on the house. This will be our forever home and with interest rates at there continued low rates we feel the time is right.
My question(s): we are self employed and have income in the 350k range.. Our last two tax returns completed are 2010 and 2011. We are currently on extension for 2012.. Will the extension cause issues?
We plan on selling our current home and will use 250k in equity as a down payment bringing the mortgage to 400k. We will have an extra 50-75k in cash from the sale that will be moved to savings.
We both have credit scores in the 720-760 range.
We have no out of the ordinary debt.. Have two car loans with a total payment of 700 a month.. Right side up on both.
How long does a typical loan approval take.. What other info
will I need or should I expect to be requested?
The cost will be somewhere in the mid 600 hundreds (lets assume 650k) if we can work a deal on the house. This will be our forever home and with interest rates at there continued low rates we feel the time is right.
My question(s): we are self employed and have income in the 350k range.. Our last two tax returns completed are 2010 and 2011. We are currently on extension for 2012.. Will the extension cause issues?
We plan on selling our current home and will use 250k in equity as a down payment bringing the mortgage to 400k. We will have an extra 50-75k in cash from the sale that will be moved to savings.
We both have credit scores in the 720-760 range.
We have no out of the ordinary debt.. Have two car loans with a total payment of 700 a month.. Right side up on both.
How long does a typical loan approval take.. What other info
will I need or should I expect to be requested?
3
Posted on 5/16/13 at 6:38 pm to TROLA
Less than 24 hours. Very easy process
Posted on 5/16/13 at 6:40 pm to TROLA
Meh, you should be fine.
Be prepared to provide:
-2010/2011 personal tax returns (corporate too if you're a corp)
-extension paperwork for 2012
-2013 P&L signed off by your accountant
Be prepared to provide:
-2010/2011 personal tax returns (corporate too if you're a corp)
-extension paperwork for 2012
-2013 P&L signed off by your accountant
This post was edited on 5/16/13 at 6:41 pm
Posted on 5/16/13 at 8:09 pm to TROLA
You should be fine.
Use 233k and borrow full 417k with these rates, will be less than 1k year difference in payment, and you keep 17k liquid for more beneficial investment endeavors.
Congrats
Use 233k and borrow full 417k with these rates, will be less than 1k year difference in payment, and you keep 17k liquid for more beneficial investment endeavors.
Congrats
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News