Role of ... the REALTOR® · the Lender · the Attorney · the Insurance Agent
Tips to Buyers · Checklist for Moving · Articles of Interest · CENTURY 21 Communities

THE ROLE OF THE LENDER IN THE REAL ESTATE TRANSACTION

In most real estate transactions you need to establish a relationship with a local lender to act as the mortgage holder. Some of the key factors in choosing the lender are:

• Interest Rates
• Points
• Types of Mortgages
• Length of Terms Available
• Fixed or Adjustable Rates

It is important to search for a lender who is willing to act as a financial counselor. They should be able and willing to analyze your financial situation and offer you a mortgage tailored to your particular needs keeping in mind interest rates, cash requirements, monthly payments and long term financial goals. It is important that you obtain a pre-approval for a mortgage so you know what price range you should be looking for.

WHAT TO BRING WHEN APPLYING FOR A MORTGAGE

• Offer to Purchase and/or Purchase and Sale Agreement executed by all parties.
• Account numbers for each bank account where deposits are held, including the name and full address for each depository.
• A copy of your pre-approval letter.
• Loan numbers for each mortgage loan outstanding on other properties owned, plus the name and full address of each lender.
• Loan numbers for each installment loan outstanding, plus the name and full address of each lender.
• Name and telephone number of a person whom the appraiser should contact to gain access to the property being financed.
• Name and telephone number of the real estate broker (if any) involved in the transaction.
• Your own attorney's name and telephone number (if applicable).
• A copy of your cancelled earnest money check.
• A complete schedule of your real estate holdings. Include the address of each property, the type of property and number of rental units if rented, the income from each property, the mortgage payments, the taxes and insurance and any income (or Loss) from operating the property.
• If you are self-employed or have tax shelters, bring two years' income tax returns.
• Social Security numbers for each borrower.
• Name and address of your present employer(s) for each borrower; if employed less than two years, the name(s) and address(es) of previous employers during the previous two years.
• Be prepared to verify if you were a full-time student at any time during the past two years.
• Photocopies of your stocks and bonds, if you use their value to qualify for the mortgage loan; if they are in the hands of your broker, provide the name and address of your broker, plus your account number(s).
• Condominium buyers should try to obtain a copy of the condominium documents if the project is FNMA 1028. This will circumvent the need for providing the condominium documents to the lender.
• An estimate of the annual property taxes and reliable quote for insurance; condominium buyers should provide an estimate for the homeowners association fee. If this fee includes heat, include that information.

This site provides information about Mashpee, New Seabury, and Popponesset Real Estate for sale or for rent on Cape Cod, also properties for sale or rent in Bourne, Falmouth, Woods Hole, Sandwich, Cotuit, Marstons Mills, Osterville, Centerville, Hyannis, Hyannisport, Barnstable and all areas of Cape Cod, and the South Shore of Massachusetts. This includes specialty properties such as waterfront homes, golf condo's, golf front properties, new homes, new construction, condominiums, oceanfront homes, 1st time home buyer properties, land for sale, lots for sale, vacation homes, summer homes, cape cod rentals, summer rentals, cottages, waterview, waterfront, steps to beach, luxury homes, and second homes for the discriminating buyer.

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