Following a mortgage application checklist along with getting a mortgage is a tedious process. Your lender wants to know a lot about you to make sure that they are lending money to someone who can and will pay them back.
Your loan officer and mortgage company will require a lot of documents from you. If you are an organized person and have a filing system for your financial documents then you shouldn’t have much problem with your mortgage application. Below is GetPreQualified.com’s mortgage application checklist. This checklist will help you get ready to speak to a loan officer about a mortgage.
Home Loan Application Checklist
Employment and Income Documentation
Provide your last 30 days worth of pay stubs. Provide W-2’s for the past two years
If self-employed or commissioned, provide all pages and schedules of last two years personal tax returns
If self employed, provide all pages and schedules of last two years business tax returns and corporate K-1’s
If retired, provide benefit award letter, last two years 1099’s, and all pages and schedules of last two years tax returns
If any rental income is received, provide copy of current lease agreement
If VA and active duty personnel, copy of Statement of Service Letter and Off Base Housing Authority Letter
Proof of Assets Information
Provide ALL pages of most recent 2 months statements for all accounts; including all checking, savings, stocks, IRA, 401k, etc.
If funds to close will come from a gift, complete the gift letter and the following:
a. from the donor – bank statements showing the funds in the donor’s account and a copy of the check from the donor’s account
b. from the borrower – a copy of the deposit slip showing the gift check deposited into your account
If funds to close will come from sale of home, copy of Hud-1 from sale of home and deposit slip showing proceeds deposited into bank account
Copy of driver’s license and social security card
Copy of divorce decree
If applicable, a full copy of bankruptcy papers, including all schedules and discharge, they will also want a credit explanation letter explaining why you had your bankruptcy and that the problem has cleared up
If you are a Veteral, or a spouse of a deceased Vet you need a Certificate of Eligibility or copy of your DD214
Hazard Insurance Agent’s name, address, and phone number
If refinance, copy of note and mortgage coupon
With these items in front of you when you speak to a loan officer will help speed up the mortgage application process. To get serious with a loan officer or mortgage company you will need to let them pull your credit. Typically this costs around $20. Some mortgage lenders may also require you to pay for your appraisal up front too. Most of the time, however, this is disguised as an application fee. These fees can run around $350. Make sure you know what you are getting if you are asked to pay this fee. Read about the New Good Faith Estimate for 2010.