|
Once you've found the perfect home,
you certainly don't want to get bogged down in the mortgage
application process. Be prepared ahead of time by getting the
paperwork started.
Missing documents will delay the
approval process, so here's a list of some of the most asked for
information:
- Tax information
from at least the last 3 years
- Copies of pay stubs
for each co-borrower from at least 1 month
- Copies of your most
recent statements for each and every bank account,
stock account, or savings account for each
co-borrower
- Copies of any other
assets you may currently hold
- Information on any
new accounts (usually 6 months) opened and the
source of income
- Copy of the
cancelled check for earnest money - front and back
- If someone is
helping you with the down payment (gift funds),
you'll need a paper trail including the deposit
slip, a gift letter affidavit and the gift giver's
most recent bank statement. Gift money is not
expected to be repaid
- If monies are being
reinvested from a previous home, you will need to
bring a copy of the listing agreement and sales
contract, plus names and contact information of the
brokers and/or attorneys involved.
- If you've opened a
new bank or savings account within the last 6
months, bring proof of the source of money
- Account numbers and
addresses on all creditors
- Documentation for
employment and additional sources of income such as
alimony, second jobs and child support
- If you've ever had
a bankruptcy or judgment against you, provide copies
of all proceedings, schedules and letters that
explain the circumstances and recorded satisfaction
of judgments
- If you are
self-employed, you must usually provide at least 2
years of your business tax returns, profit and loss
statements, balance sheets and documentation on
business partners
It's a lot of work, so you don't
want to be caught by surprise. Call ahead and ask your loan officer
for a full list of what you will need to speed things along.
Copyright 2005 PropertySource Network
|
