What paperwork should I put together in order to qualify for a loan?

This list is not all inclusive, and every situation is different, but it does cover much of what you will need to provide to our team at Liberty Home Mortgage Corporation:

W2's and/or 1099's from last two (2) years

Pension Awards Letter (if applicable)

Social Security Awards Letter (if applicable)

Personal tax returns (all pages and all schedules) from last two (2) years

Business tax returns (all pages and all schedules) from last two (2) years

Last 2 months of bank statements (all pages)

2 most recent paystubs dated within the last 30 days

Valid driver's license & social security card

Bankruptcy papers (all pages and all schedules)

Divorce Decree (all pages)

Separation agreement (all pages)

For those who collect child support, letter from Child Support Enforcement Agency showing the last 12 months of receipt of child support and birth certificates for the children

For those who pay child support, letter from Child Support Enforcement Agency stating that there are no arrearages

Last 12 months of cancelled rent checks (if applicable)

Name & phone number for whomever you wish to use for homeowners insurance

Name & phone number of your landlord (if applicable)

Phone number of human resources for your employer

Copy of your business license

Copy of Articles of Incorporation

DD-214 & Certificate of Eligibility

Year-to-date profit and loss sheet

In 2-4 sentences, type, sign and date letters of explanation on any bankruptcy, foreclosure, collections or deposits greater than $100 into your bank account which are not payroll deposits.

Accurate address history for where you have lived from today back 2 years

Accurate employment history from today back 2 years including the employer name, address, city, state, zip, phone number, position held, start & stop date and phone number for human resources

If you are a recent college graduate, copy of your diploma and transcripts, along with the full name, address, city, state, zip code, phone number for admissions and start & stop dates for school

For any collections which are paid off, verification letter stating that they are paid off

Cancelled earnest money check (for purchases)

What if I have had a bankruptcy or foreclosure?

At Liberty Home Mortgage Corporation, we understand that life sometimes throws curveballs and has some bumps at unexpected times. For that reason, bankruptcy, foreclosure and negative marks on a credit report are acceptable in certain circumstances and situations. These situations are analyzed and decisions are made on a case-by-case basis.

Is it possible to raise a credit score in a short period of time?

No matter what someone is shopping for (a car, a mortgage, a house), they always seem to search for the "lowest price" or "lowest rate." Unfortunately, finding the "lowest" of something does not necessarily mean that you are finding the "best" that there is available. In the world of mortgages, the absolute lowest rate oftentimes comes in the form of a Variable Rate Mortgage or additional fees, costs and points. Do not be fooled by advertisements on the Internet or television commercials. The correct way to shop for anything is to ask questions, get educated and find the people who will deliver what they promise.

Fixed interest rate vs. Adjustable interest rate - Which loan is better?

This is a question which always comes up. Since every situation is different, there is no exact answer; however, Liberty Home Mortgage Corporation truly believes that being safe and conservative is always the best financial decision for a family, which is why we will more often than not, recommend a fixed interest rate mortgage loan. Adjustable rate mortgage loans are good loans for those who do not believe that they will be in the house for a long time, or are expecting a significant increase in income in the near future and will be putting down a significant amount of money, thus ensuring that they have equity in the case of having to refinance into the future. In the end, every situation is analyzed, and what is in the best interest of the borrower is what Liberty Home Mortgage Corporation does.

Is the mortgage loan with the lowest interest rate always the best loan?

No matter what someone is shopping for (a car, a mortgage, a house), they always seem to search for the "lowest price" or "lowest rate." Unfortunately, finding the "lowest" of something does not necessarily mean that you are finding the "best" that there is available. In the world of mortgages, the absolute lowest rate oftentimes comes in the form of a Variable Rate Mortgage or additional fees, costs and points. Do not be fooled by advertisements on the Internet or television commercials. The correct way to shop for anything is to ask questions, get educated and find the people who will deliver what they promise.

Home Equity Loans - What are they and how can they be used?

A home equity loan is a type of mortgage loan in which the equity of the home is used for some other purpose. Those purposes may include, but are not limited to, paying off other debt (such as credit cards or other types of loans), buying additional real estate (such as rental properties), investing in the kids' college tuition, or making home repairs or upgrades. Many lenders actually advertise taking out equity to go on a dream vacation - we do not. We believe in a conservative financial approach to debt because in the end, debt-free is what everyone strives for. Even though Liberty Home Mortgage Corporation is not a financial advisor, we do believe in sound management of one's financial affairs. Knowing this, all of our representatives are trained to take this type of approach with our clients.

Is it good to use a real estate agent to help buy or sell a home?

This question is like asking, "Is it good to go to a doctor when you are sick or diagnose yourself by going online and Googling it?" A real estate agent is almost an absolute must when it comes to shopping for a home or selling a home. They are an invaluable asset, and oftentimes put out most of the fires which arise while buying or selling a home. An agent ensures that the contract is abided by, it is written correctly, the processes of buying or selling a home are followed properly, and their client's best interests are followed. A real estate agent has a fiduciary duty to operate in the best interest of their client. Additionally, real estate agents are some of the most service-oriented professionals across any industry. Not using an agent for a real estate transaction is often a major mistake and leads to terrible consequences down the road. Liberty Home Mortgage Corporation prides itself in having a large real estate agent network and is highly respected within the real estate agent world.