Thank you for your interest in Detailed Mortgage Solutions, NEPA’s Premier Mortgage Broker Advisors. To get started on your new home loan, give us a call at 570-382-3851, or get started on your full online application by visiting our Borrower Portal. Apply Now!
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We are NEPA's #1 Mortgage Broker Service .
For more information please call our office at: (570) 382-3851
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Benefits Of A Mortgage Broker
Contact any of our mortgage specialists today and schedule a consultation!
A mortgage broker acts as a middle man between the homeowner and the mortgage lender. A broker can prepare your loan application, financial documents, and issue mortgage pre-approvals just like any lender can.
They can shop interest rates for you and help you compare different terms such as fixed-rate mortgage vs. adjustable-rate mortgages, 30 year and 15 year terms, and advise you on other things to tailor a loan that’s perfect for you.
If you have a low credit score many local banks and lenders may not be able to help you.
When working with a Bank, that loan officer only have access to their own mortgage programs and mortgage rates. You could be getting a better deal with another Bank.
Our customers are like family, and “family”… is always there when you need them the most!
Are you sure your locked in at the lowest rate possible?
Book an appointment today to see one of our specialists and get a custom mortgage solution at the lowest rates available!
Copies of driver’s licenses are typically required for all buyers that are going to be on the loan. This is an important document for buyer verification and fraud detection.
Mortgage Statement/Coupons (for all loans)
If you currently own your home, whether you plan on selling it to buy a step-up home or plan on renting it out to live in another home, you will need to show your lender exactly how much you are paying monthly for your current home. This is part of what goes into factoring your DTI, or debt to income ratio. Additionally, lenders will look at the property address and may decide to run a comprehensive market analysis to make sure you have equity on the property. If you’re underwater on your current home, you may not be able to buy a second home.
Most Recent Bank Statements
Mortgage lenders will need to see the most recent bank statements (all pages, and all accounts) from any buyers going on the loan. They will examine the debits and credits thoroughly, so don’t try to hide anything. For example, if you have a check for $1,000 going out to a family member, the loan underwriter may ask you to write a letter of explanation for it. So if you’ve borrowed money from a family member or friend. be honest with your lender, as it will get discovered and counted in your debt to income ratio one way or another.
The past 30-60 days of pay stubs are required to prove your income is as you say it is.
Property Tax Bill
If you currently own your home you will also need to provide a copy of your property tax bill. Again, your taxes are another part of your debt to income ratio.
Retirement/Investment Account Statements
If you have a retirement or investment account you should provide one or two monthly statements to your lender. Even if you don’t plan on using these funds to buy your home, it may help prove that you are qualified. The underwriter will need to see that you have a certain amount of money in reserves. In other words, you can’t qualify for a home if it means you could only make the mortgage payment but you wouldn’t have enough money to buy food, gas or pay the utility bill. Why? Because odds are you will eventually default on that loan, and the lender’s job is to protect their investment.
Tax Returns (1040)
The past two years of your tax returns show your mortgage lender your income, employer, address, verify your social security number and more. It can be a huge hassle to scan in page by page if you don’t have a PDF version of your tax return, but it’s something that the lender must have.
W-2 Forms for the Past Two Years (or 1099)
Your W-2 states how much money your employer paid you over the past year. Since lenders are looking at your last two years of income as part of the debt to income ratio, you will need to provide two years of W-2s or 1099s if you are an independent contractor rather than an employee.
Profit and Loss Statements
Finally, if you’re self-employed or own your own business, you will need to show two years’ worth of profit and loss statements. The lender may request additional items such as the businesses bank statements as well.