 ORGANIZE
PAPERWORK EARLY FOR YOUR MORTGAGE LOAN
Having The Right Documents On Hand Can Speed Loan Approval
Once you've chosen a lender and decided on a loan program, you'll need to
provide a variety of information before the underwriting process can begin.
Your lender will give you a comprehensive list of items required.
The faster you submit all the needed information and paperwork, the more
quickly your loan application will move.
If you're asking for loan pre-approval, you'll be that much closer to serious
home shopping, loan in hand. If you've applied for your loan after making
a purchase offer, a fast loan approval will increase your chances of getting
to settlement before your interest-rate lock (if you have one) expires.
Here is a standard list of items for which you should be prepared
to provide information or documents. Other information may be requested
by your lender, depending on your circumstances.
- Automobiles owned
- Checking and savings
account information
- Construction/permanent
loan
- Copy of sales contract
or offer
- Credit information,
including creditor names, addresses, account numbers, payment amounts,
current balances, date paid in full with copy of statements with zero
balances
- Divorce/separated
borrowers must bring copy of divorce decree or maintenance agreement
- Employment history
for last two years
- Life insurance
policies
- Other income
- o Overtime income
- Recent paycheck
stubs
- Personal check
to cover appraisal and credit report
- Property information
sheet or MLS sheet
- Real estate you
own
- Gift letters
- Retirement plans
- Social Security
numbers
- Stocks, bonds,
investment accounts
- Other assets
- Tax returns for
the following types of applicants: self-employed, a tradesman, employed
in a family business, receiving all or part of your income from bonus,
commission, partnership or trust income. Or if you own rental property,
garner income from nonverifiable sources, such as corporate ownership,
installment sales, tips, etc.
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Real Hotline is a one-stop property information service for home buyers. With a single e-mail, Real Hotline allows you to get all the information you need on all the properties you want, regardless of which real estate company listed or advertised the homes for sale.
