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Purchase Loan Documentation Checklist

1. Last 2 years of personal and business signed tax returns with schedules, W-2s',1099's, and K1's for each year 

2. Most recent 30 days of pay stubs showing year-to-date income 

3. Most recent 2 months of bank statements to verify funds (all pages) 

4. Copy of valid driver’s license 

5. Human Resource contact information to verify employment 

6. Executed purchase agreement signed by all parties 

7. Copy of the front and back of your deposit check once cleared 

8. Contact information for the insurance agent you plan to use 

9.  HOA contact if applicable

Refinance Loan Documentation Checklist

1. Last 2 years of personal and business signed tax returns with schedules, W-2's,1099's, and K1's for each year 

2. Most recent 30 days of pay stubs showing year-to-date income 

3. Most recent 2 months of bank statements to verify funds (all pages) 

4. Copy of valid driver’s license 

5. Human Resource contact information to verify employment 

6. Current Mortgage Statement for ALL properties

7. Homeowners and Flood Insurance Policy 

8.  Copy of property tax statements for ALL properties

9.  Copy of HOA statements for ALL properties

Construction Loan Documentation Checklist

1. Last 2 years of personal and business signed tax returns with schedules, W-2's,1099's, and K1's for each year 

2. Most recent 30 days of pay stubs showing year-to-date income 

3. Most recent 2 months of bank statements to verify funds (all pages) 

4. Copy of valid driver’s license 

5. Human Resource contact information to verify employment 

6. Executed purchase agreement signed by all parties 

7. Copy of the front and back of your deposit check once cleared 

8. Contact information for the insurance agent you plan to use 

9.  HOA contact if applicable

10. Copy of fully executed contract between you and the builder along with cost breakdown

11. Copy of fully executed contract for lot purchase.

12.  Copy of earnest money, and any additional checks paid to the builder and verification check has cleared bank account (to document funds already paid)

13. Sets of plans & specs

14. If you have already purchased the lot, provide a copy of the Cash Sale

1. Thou shalt not change jobs, become self-employed or quit your job.

2. Thou shalt not buy a car, truck or van (you may be living in it)! 

3. Thou shalt not use charge cards excessively or let your accounts fall behind. 

4. Thou shalt not spend money you have set aside for closing. 

5. Thou shalt not omit debts or liabilities from your loan application. 

6. Thou shalt not buy furniture. 

7. Thou shalt not originate any new inquiries into your credit. 

8. Thou shalt not make large deposits without first checking with your loan officer.

9. Thou shalt not change bank accounts. 

10. Thou shalt not co-sign a loan for anyone.

nataliengla from Lafayette, LA

Thank you so very much for all of your help in securing my loan for my new home here in Lafayette.  Mary is outstanding an excellent loan officer and a great person to work with...very knowledgeable, responsive, and quick to return call.  She did in 2 weeks what no other lenders could do in 4weeks.  Always looking out for my best interests.

osanchez13 from Duson, LA

Always willing to help me and answer all my questions and concerns.  Since I am a first time home buyer. Many things I didn't understand but Mrs. Mary was willing to patiently explain over and over again.  She tried to get me qualified for the best loan that fits my needs. I am very thankful and appreciate all her hard work to make this possible.

David Lindsey from Lafayette, LA

Don't Go With The Big Banks For The BEST SERVICE

Mary was very professional and extremely helpful in getting us a great rate and terms when the big banks would not help us. We are very grateful for the service and recommend to all our fellow neighbors in Acadiana!

Joseph Collins from New Orleans, LA

Extremely responsive and proactive

Mary has been hands down the best loan originator I've ever worked with.  Her rapid response time and professionalism helped me get into my current home.  I had a situation where I needed some urgent information on a *Sunday* and even then Mary was responsive.  I not only recommend her, she's the first person I will call the next time I need loan services.

d dailey1 from Crowley, LA

Awesome and honest

Mary was the most helpful people I could have ever asked to work with. She had an answer to all of my questions. And she was always willing to help out. I would recommend her to anyone.

amietran from Covington, LA

Couldn't ask for a better loan officer

Mary was simply amazing and patient.  Always on top of things and was able to resolve all of our issues. She made the loan process very painless. We were able to close a lot sooner than we had anticipated, which made us very happy. Thank you Mary for guiding us throughout this process!!!!

tdromero from Lafayette, LA

Mary made buying my first home on my own painless. I was able to reach her on a Sunday afternoon to discuss a home I was viewing with my agent.  From then on she checked on me to see if I found any other homes and if I needed an additional information. When I finally decided on a home, I just sat back and she took care of everything. It's great to deal with someone who is as genuine as she is. I plan to buy another home in the future and I will be calling Mary again.

bth9466 from Lafayette, LA

She was very helpful to explain to me the process. When I had a problem, she was patient to solve it. In addition, she finished my loan application very fast, less than a month.

nguyena86 from Baton Rouge, LA

Mary is the BEST!! HIGHLY RECOMMENDED!!

With my wife's and my income combined, getting an approval for a home loan was easy, but an approval for a second home seemed impossible. After dealing with another company, we almost gave up on the thought of another house because of all the hassle with the loan process. That was until a friend recommended Mary to us. We told her our (horror) story and she was very enthusiastic and confident with helping us. After we gave her all the documents she needed, she was able to put together some options she felt was best for us. She always kept us up-to-date with our loan process. Whenever I had questions, she was always an email/call away and was always able to answer my questions. She's very knowledgeable when it comes to this stuff. Needless to say, Mary was able to get us approved for a second home loan without any stress or hassle.

lhundy89 from Lafayette, LA

Mary makes everything easier

As first time home buyers, we were very nervous about the whole mortgage process. Mary took the time to find us a mortgage solution that made it possible to buy a home when we were ready - a process that moved quickly as we rushed to secure the purchase of a home in a very desirable neighborhood! In addition to explaining the process to us, Mary was fast and very responsive to all of our communications and really did a great job of coordinating all of the parties involved in the sale/purchase of the home. I recommend her to all first time home buyers in the area!

When should I refinance?

It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Parc Lending can help you calculate your options.

Should I pay points to lower my interest rate?

Yes, if you plan to stay in the property for a least a few years. Paying discount points to lower the loan's interest rate is a good way to lower your required monthly loan payment, and possibly increase the loan amount that you can afford to borrow. However, if you plan to stay in the property for only a year or two, your monthly savings may not be enough to recoup the cost of the discount points that you paid up-front.

What does it mean to lock the interest rate?

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee. 

What can I do to improve my credit score?

Credit scoring models are complex and often vary among creditors and for different types of credit. If one factor changes, your score may change -- but improvement generally depends on how that factor relates to other factors considered by the model. Only the creditor can explain what might improve your score under the particular model used to evaluate your credit application. Nevertheless, scoring models generally evaluate the following types of information in your credit report:

• Have you paid your bills on time? Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy.
   
• What is your outstanding debt? Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.
   
• How long is your credit history? Generally, models consider the length of your credit track record. An insufficient credit history may have an effect on your score, but that can be offset by other factors, such as timely payments and low balances.
   
• Have you applied for new credit recently? Many scoring models consider whether you have applied for credit recently by looking at "inquiries" on your credit report when you apply for credit. If you have applied for too many new accounts recently, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make "prescreened" credit offers are not counted.
   
• How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score. 

Scoring models may be based on more than just information in your credit report. For example, the model may consider information from your credit application as well: your job or occupation, length of employment, or whether you own a home. To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It's likely to take some time to improve your score significantly.