Starting the mortgage approval process can be intimidating....but it does not have to be if your properly prepared.
Finding the right mortgage professional that is knowledgable and your are comfortable with is the first step. Second is being prepared for what they are going to need in order to best help you. Most importantly is to be completely honest an up front with them. They are your friend and confidant in this process and can help you best if they know best the full picture!
Loan Aps: Here is What You Need
l 3 months’ bank statements on all accounts, including 401k
l Copy of HUD1 Settlement Statement on recent sales of homes
l Gift letter (for funds from family members); donor’s bank statement; copy of gift check; copy of deposit receipt
l Landlord’s name, address, and phone number
l Explanations for late payments; credit inquiries in the last 90 days; charge-offs; collections; judgments; liens
l Copy of bankruptcy papers filed within the last seven years
l Copy of Social Security Card and driver’s license
l Last two years’ W2 forms
l Most recent pay stubs covering a 30 day period
l Federal tax returns (1040’s) for the last two years, if:
you are self-employed; earn regular income from capital gains; earn sizable interest income; earn more than 25% of your income from commissions or bonuses; own rental property; or you take non-reimbursed business expenses.
l Year-to-Date Profit and Loss Statement (for self employed)
l Corporate or Partnership tax returns (if you own more than 25% of a business)
l Copy of purchase agreement (if you have already made an offer)
l Receipt for child support payments
l Copy of Divorce Settlement
Contact us today to ask for a list of highly quailified and experienced mortgage loan originators in our area.