Mortgage Tips

Follow our dos and dont’s mortgage tips below. Mortgage rates fluctuate daily and even by the minute- Please call us @ 561-266-2621 to discuss the most up to date rates.

Liberty Mortgage Lending Express Approval Check List

Self Employed Borrower


Sole Proprietorship


  • Last 2 Years 1040’s- All pages, all schedules- Should include a Schedule C
  • Year to date most recent quarter Profit and Loss
  • Copy of Driver’s License

Partnership – If ownership is more than 25%


  • Last 2 Years 1040’s- All pages, all schedules- Should include a Schedule E
    K-1’s from 1065
  • Last 2 Years 1065’s- All pages, all schedules
  • Year to date most recent quarter Profit and Loss
  • Copy of Driver’s License

S Corporation – If ownership is more than 25%


  • Last 2 Years 1040’s- All pages, all schedules- Should include a Schedule E
    K-1’s from 1120S
  • Last 2 Years 1120S- All pages, all schedules
  • Year to date most recent quarter Profit and Loss
  • Copy of Driver’s License

Corporation


  • Last 2 Years 1040’s- All pages, all schedules- Should include a Schedule E
  • Last 2 Years 1120- All pages, all schedules
  • Year to date most recent quarter Profit and Loss
  • Copy of Driver’s License

W-2’d Borrower


  • Most Recent 2 Years W-2’s
  • Last 4 paystubs
  • Most Recent Asset Statements (Bank account, stock account, etc.) All pages even if blank
  • Copy of Driver’s License

Avoid Making These Mistakes When Applying

  • Moving money around

If you’ve been saving cash at home (in the mattress) , do not—Liberty Mortgage repeats—do not move that money into your bank account.  Those funds will be almost impossible to source and more than likely cannot be used for your down and payment and closing costs –  Speak to us first –  We will guide you on what to do –

  • Cash advance on a credit card

Taking a cash advance on one’s credit card to use for the down payment and or closing costs is not allowed –  Those funds cannot be used –  Additionally, you would then be adding unneeded debt to yourself –

  • Change Your Job

We all want to make as much as possible –  The issue is changing jobs in the middle of financing causes major issues-  We then would need to wait until you had at least 1 month’s worth of pay stubs and we would need to consider the type of job as well –  Assuming the job change was in the works for quite a while and makes sense – (same industry, better pay) then it would work –  Changing jobs into a total different industry might cause an issue with financing –  Additionally, never go from being an employed borrower, i.e. – a salaried / W-2 worker, to self employed –  That will cause a denial of any type of financing –

  • Avoid Large Purchases

Do not purchase high end, expensive items prior to us closing your loan –  We understand the new home will require furniture, appliances, etc-  sometimes during a loan process, credit would have to be rerun-  If new items do appear they will cause your debt to income to go up –

Liberty Mortgage Lending Logo

The Liberty Rapid Approval Advantage ™

What would normally take weeks, now can take minutes. In an industry, where time is literally money, we walk you through the loan process and help you close faster.

1. Confirm Eligibility

We review your current financial situation with you and provide expert guidance on your various financing options

2. Give You a Quote

Within minutes, we break down each scenario in plain English and give you time to make your own decision

3. Apply for Loan

Once you are in our system, the moment you give us the word – your rate will be locked in and loan will be secured

Looking for the Best Rates?

Decades of experience helping families fulfill their future. Give Liberty Mortgage Lending an opportunity to provide you with 5 star service!

393 NE 5th Ave | Delray Beach, FL | 33483
tel. 561-266-2621
contact@libertyml.com
NMLS #131914 | Licensed in FL, LA, MI

Top