Teresa Good
 Realtor & Owner

Earl Weikel
 Realtor & Principle Broker

Fast Home Searches
By Subdivision

Fox Run

Germantown

Glen Oaks

Glenmary

Highgate Springs

Highlands

Hunting Creek

Hurstbourne

Indian Falls

Indian Hills

Jeffersontown

Lake Forest

Little Spring Farm

Locust Creek

Lynnview

Maple Grove

Norton Commons

Oakhurst

Oldham County, KY

Polo Fields

Prospect, KY

Saint Matthews

Saratoga Woods

Springhurst

Springview

Strathmoor

Swan Pointe Condos

Sycamore II Condos

The Lodge Condos

Worthington Glen Condos

Before meeting With a Lender
Not sure what paperwork you need to take to the lender when it's time to apply for a home loan?
Here's a basic checklist to make sure that you have all the documentation you need to get your
loan application approved faster.

Checklist of Home Loan / Mortgage Items Required

Employers - Names, addresses and telephone numbers of all your employers for the last two years.

W-2s - These are the forms you get from your employer in January each year for filing your income
tax returns. Usually you will need to provide copies of your W -2s for at least the two most recent
years. Other income information can be included, such as child support or alimony, interest or
dividends, social security, pension, and rental income, if you choose to have them considered.
Self-employed individuals will always need additional documentation.

Pay Check Stubs - Bring your pay check stubs from the last 4 weeks before the date of your home loan / mortgage application.

Federal Income Tax Returns - If self-employed, expect to be asked to provide complete copies of the federal tax returns you filed for
the last two recent.

Your Bank Statements - You will need to provide statements from all your accounts (checking, savings, money markets, certificates of deposits, mutual funds, 401(k) or other retirement accounts) for the last two months. Lenders need to verify the exact amount of cash you have available for your down payment and other costs associated with your home purchase like the appraisal, the home inspection and attorney fees. For certain mortgage loans, a portion of the down payment may come from a gift from a family member
or a grant from a local down payment assistance program and these will need documentation, too.

Current Debts - Provide the account numbers, current balances and the minimum monthly payments of all credit accounts, such as loans,
credit cards, child support and other payments you make each month.

Note: Never leave your original documents with the lender.

Home Loan Calculators

    Roger Lee Harness & Associates Insurance -an Allstate Insurance Company
    - Call Roger at 502-429-9090 for the best homeowners insurance rates in the state.
 

 
   Century Mortgage - Call Brad Clark at 502-419-4303

    Old Colonial Mortgage - Call Ann Perry Christensen at 502-445-0933

    Chuck Crosby - Crosby Law Office - Call Chuck at 502-499-6360 with your real estate legal questions
        2303 Hurstbourne Village Dr, Louisville, KY 40299 Email: chuck@crosbylawoffices.com

    H. Wesley Shanks - 1st Choice Title - Call Wes at 502-499-7079
        8915 Stone Green Way, Suite 100, Louisville, KY 40220


8 Steps to Getting Your Finances in Order

1. Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.

3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.

4. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.

5. Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.

6. Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.

7. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.

8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.