Items Needed for a Credit Application  

Employment:

W-2s or tax returns for the past 2 years

Proof of Gross monthly income for past 30 days

Proof of pensions, retirement, disability or Social Security

Proof of income from rentals, investments, etc.

If Self-Employed:

Two years 1040 Tax Returns, all schedules

Current year-to-date profit and loss statement

Creditors:

Each creditor's name, address, type of account, and account numbers

Monthly payments and approximate balances

Amount of child care expenses (For VA loans only)

Assets:

Two current consecutive months bank/asset statements (Checking, Savings, Money Market, Stocks, Bonds, 401K)

Miscellaneous:

Life insurance cash value (documented if used as cash down payment)

If applicant is selling a home - a copy of sales contract

Veterans - Certificate of Eligibility & DD-214 Check to pay for appraisal fee & credit report

REALTOR will provide:

Copy of sales agreement

Copy of listing on property

Helpful Hints for Having a Garage Sale  

1. Allow plenty of time - three to four weeks - to prepare for the sale.
2. Choose a date that will not conflict with holidays or other special events that might lure prospective customers away.
3. Weekends are more convenient for more people than weekdays.
4. Your sale is likely to attract more customers if you join together with neighbors in a larger effort with more merchandise. Some home owners groups are sponsoring neighborhood sales that are proving popular.
5. Practical household goods, bicycles, children's toys and clothes, sports equipment, and garden tools are popular items. Adult clothing has less appeal and should be priced accordingly. Ideally, a place for trying on clothes should be provided.
6. Merchandise your items attractively in neat, clean surroundings. Paper tablecloths, offer a pretty setting for glass and ornamental items. Cluster things in categories; place the most desirable items in the back of the garage so browsers are urged to look at other merchandise on their way to the most popular items.
7. Have a 25 cent miscellaneous table for youthful shoppers.
8. All items should be clean, polished, and in good repair. Clothes should be sized accurately and hung on a temporary rack using two ladders and a pole.
9. Locate your appliance table near an outlet so customers may try before they buy.
10. Be sure there is ample parking and a place to load large items.
11. Have plenty of paper bags and boxes for packing and newspapers for wrapping glass items.
12. Place a classified ad in the local papers, including three or four specific items for sale, directions, and other pertinent details.
13. Take advantage of free publicity provided by bulletin boards in grocery stores and other public places.
14. Provide directional signs to your property if needed.
15. If your house is listed for sale, have your REALTOR^® hold an open house on the same day as the garage sale, thus increasing interest in both the house and the sale.
16. Visit other sales to form an idea on how to price things, but remember that garage sale shoppers are looking for "bargains." Be prepared to bargain and lower your price.
17. Really valuable items such as antiques should not be sold at a garage sale because it is unlikely they will bring the desired price from bargain minded shoppers. On the other hand, nothing is too worthless to be valuable to someone. Have a giveaway box for old magazines and other assorted odds and ends.
18. Post a notice that all sales are final and payment must be in cash.
19. Have plenty of change in a cash box kept in a protected place. Keep a record of sales, especially when there are several sellers. One simple and efficient recording method is to use small white stickers to price items. When the item is purchased, remove the sticker and place it next to the name of the seller. After holding one or two garage sales, you can probably add newly discovered tips of your own. A bit of organization will make for a successful sale and an uncluttered house.

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    Glossary of Real Estate Terms  

    Amortized Loan
    A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal. Also called a Level Payments Loan.

    Appreciation
    An increase in value of real estate.

    Assumption of Mortgage
    The taking of title to property by a grantee, wherein he or she assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.

    Balloon Payment
    The final payment of a mortgage loan when it is larger than the regular payment. It usually extinguishes the note.

    Capital Gains
    The taxable profit derived from the sale of a capital asset. It is the difference between the sale price and the basis of the property, after making appropriate adjustments for closing costs, fixing-up expenses, capital improvements, allowable depreciation, etc.

    Closing
    The final settlement of a real estate transaction between buyer and seller.

    Condominium
    A system of individual fee ownership of units combined with joint ownership of common areas of the structure and land.

    Contract for Deed
    A contract ordinarily used in connection with the sale of a property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer.

    Contract of Title
    A summary or digest of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements or records which may affect the marketability of the title.

    Conventional Mortgage
    A mortgage securing a loan made by investors without governmental underwriting, i.e., not FHA-insured or VA-guaranteed.

    Counter Offer
    A seller's rejection of an offer made by a buyer accompanied by an agreement to sell the property to the potential buyer on terms differing from the original offer.

    CRV
    Certificate of Reasonable Value. A document of appraisal issued by the VA establishing their opinion of the maximum value.

    Deed
    The written instrument which, when properly executed and delivered, conveys title.

    Discount Points
    Additional charges made by a lender at the time a loan is made. Points are measured as a percent of the loan, with each point equal to one percent. These additional interest charges are paid at the time a loan is closed to increase the rate of return to the lender so as to approximate the market level.

    Earnest Money Deposit
    A down payment made by a purchaser of real estate as evidence of good faith.

    Easement
    Created by grant or agreement for a specific purpose, an easement is the right, privilege or interest which one party has in the land of another.

    Equity
    The interest or value an owner has in real estate over and above the liens against the real property.

    Escrow
    The deposit of instruments and funds with instructions to a neutral party (Escrow Agent) to carry out the provisions of an agreement or contract. When everything is deposited to enable carrying out of instructions, it is called a complete or perfect escrow.

    Exchange
    The trading of equity in a piece of property for equity in another property.

    Fannie Mae
    The nickname of the Federal National Mortgage Association (FNMA), a tax-paying corporation created by Congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional home mortgages.

    Fee Appraisal
    The act or process of estimating values of real estate or any interest therein for a fee.

    FHA Loan
    A loan which has been insured by the federal government guaranteeing its payment in case of default by the owner.

    Firm Commitment
    A lender's agreement to make a loan to a specific borrower on a specific property. An FHA or PMI agreement to insure a loan on a specific property, with a designated purchaser.

    FMHA Loan
    A loan insured by the federal government similar to FHA loans, usually used for residential properties in rural areas.

    Freddie Mac
    The nickname for the Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation to support the secondary mortgage market. It purchases and sells residential conventional home mortgages.

    Investor
    The holder of a mortgage or the permanent lender for whom the mortgage banker services the loan. Any person or institution that invests in mortgages.

    Joint Tenancy
    Joint ownership by two or more persons with right of survivorship; all joint tenants own equal interest and have equal rights in the property.

    Land Contract
    A contract ordinarily used in connection with the sale of property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer.

    Lease Purchase Agreement
    The buyer makes a deposit for the future purchase of property with the right to lease the property in the interim.

    Lien
    An encumbrance on the property which usually names the property as security for the payment of a debt or discharge of an obligation. Examples: Judgments, taxes, mortgages, deeds of trust, etc.

    Loan Commitment
    A written promise by a lender to make a loan under certain terms and conditions. These include interest rate, length of the loan, lender fees, annual percentage rate, mortgage and hazard insurance and other special requirements.

    Loan to Value Ratio
    The ratio of the mortgage loan principal (amount borrowed) to the property's appraised value (selling price). On a $100,000 home with a mortgage loan principal of $80,000, the loan to value ratio is 80%.

    Marketable Title
    Merchantable title, free and clear of objectionable liens or encumbrances.

    Mortgage/Deed of Trust
    An instrument recognized by law by which property is pledged as security or collateral for debt without transfer of title or possession, to secure the payment of a debt or obligation to the lender. Title transfers to the lender during the foreclosure process which occurs in the event that the debtor defaults on the loan obligation to the lender.

    Mortgage Insurance Premium (MIP)
    The consideration paid by a mortgagor for mortgage insurance either to FHA or a private mortgage insurance (PMI) company. On an FHA loan, the payment is one-half of one percent annually on the declining balance of the mortgage. It is a part of the regular monthly payment and is used by FHA to meet operating expenses and provide loss reserves.

    Mortgagee
    The lender of money or the receiver of the mortgage document.

    Mortgagor
    The borrower of money or the giver of the mortgage document.

    Note
    A written promise to pay a certain amount of money with or without specific terms.

    Origination Fee
    A fee or charge for the work involved in the evaluation, preparation, and submission of a proposed mortgage loan. Origination fees are paid by the borrower to the lender.

    Personal Property
    Any property which is not real property. For instance, money, savings accounts, appliances, cars, boats, etc.

    Point
    One percent of the loan amount.

    Prepayment Penalty
    The fee paid to the mortgagee for paying the mortgage before it becomes due. Also known as prepayment fee or reinvestment fee.

    Prepayment Privilege
    The right given a purchaser to pay all or part of a debt prior to its maturity. The mortgagee cannot be compelled to accept any payment other than those originally agreed to.

    Private Mortgage Insurance (PMI)
    Insurance written by a private company protecting the mortgage lender against loss occasioned by a mortgage default.

    Privately Insured Mortgage
    A conventional mortgage loan on which a private mortgage insurance company protects the lender against loss.

    Promissory Note
    Following a loan commitment from the lender, the borrower signs a note promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its repayment.

    Purchase Agreement
    An agreement between a buyer and seller for the purchase of real estate.

    Real Property
    Any land and whatever by nature or artificial annexation is a part of it.

    Rent with Option
    A contract which gives one the right to lease property at a certain sum with the option to purchase it at a future date.

    Second Mortgage/Second Trust
    Also known as a Junior Mortgage or Junior Lien. An additional loan imposed on property with a first mortgage, generally at a higher interest rate and shorter terms than a "first" mortgage.

    Special Assessment
    A legal charge against real estate by a public authority to pay the costs of public improvements such as street lights, sidewalks, street improvements, etc.

    Straight Loan
    A loan with periodic payments of interest only; the principal sum is due in one lump sum upon maturity.

    Subdivision
    A parcel of land that has been divided into smaller parts.

    Tenancy in Common
    Ownership by two or more persons who hold undivided interest, without the right of survivorship. Interests need not be equal.

    Term of Mortgage
    The period during which a mortgage must be paid.

    Title
    Often used interchangeably with the word ownership. It indicates the accumulation of all rights in a property.

    Title Insurance
    An insurance policy which protects the insured (purchaser or lender) against loss arising from defects in title.

    Trust Account
    An account separate and apart and physically segregated from a broker's own funds, in which the broker is required by law to deposit all funds collected for clients.

    VA (Veteran's Administration) Loan
    A loan guaranteed by the Veteran's Administration.

    Warranty Deed
    A deed used to convey real property which contains warranties of title and quiet possession, and the grantor agrees to defend the premises against lawful claims of third persons.