Monson Savings Bank to Hold Mortgage Pre-qualification Event

WILBRAHAM — Monson Savings Bank is holding a complimentary pre-qualification night at which people from the community can get pre-qualified for a mortgage on the spot and see new home listings in their price range. The event is designed to help anyone who is thinking of purchasing a home to quickly and efficiently obtain a pre-qualification letter, see listings in their price range, and get information about new-home financing all at the same time.

The event will be held on Thursday, Sept. 18, from 4 to 7 p.m. at Monson Savings Bank’s Wilbraham branch at 100 Post Office Park. People who are interested are encouraged to RSVP and sign up for a time slot between 5 and 7 p.m. to meet with a mortgage originator. To register, contact Catherine Gola at (413) 267-4513 or [email protected].

In order to obtain a pre-qualification letter at this event, people must bring along their two most recent pay stubs that show year-to-date income, and two months of the most recent bank statements for all asset accounts not held at Monson Savings Bank, including retirement and investment accounts. These statements should include the bank’s name, the account holder’s name, and account number. In addition, salaried borrowers should bring copies of their W-2 forms for the last two years, while first-time homebuyers should bring their W-2 forms for the last three years and tax returns for the last three years. Self-employed individuals should bring their complete tax returns with all supporting schedules for the two most recent years, including corporate returns, if applicable.

“Getting pre-qualified for a mortgage is really the first step in looking for a new home,” said Steve Lowell, president and CEO of Monson Savings Bank. “It helps people and their realtors know the price range of homes that they should be looking at to ensure they can secure a mortgage that fits their budget and ability to keep up with monthly payments. By telling people up front what information to bring, we are hoping that most people can walk out with a pre-qualification letter in hand.”

For people who do not qualify to get a pre-qualification letter, bank employees will be on hand to provide helpful information about buying a home and improving their credit scores. Bank employees can also refer people to the resources and financial coaching at the MassSaves Coalition, of which Monson Savings Bank is a strategic partner.