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Mortgage Loan Application Checklist
Well, as you have
seen from studying all of the material relative to applying for and securing
a loan for your new home or refinancing needs, there's a lot of ground
to cover before your work is done and you have moved into your place.
Below is a comprehensive list of the documents and tasks you will need
to complete in order to achieve all of this. Not all lenders will
require this full list of items and some may require a few that we have
not listed. Whenever possible, supply original
or notarized copies of all documents to help speed the process along.
- A
Completed Mortgage Loan Application that has been signed by all relevant
applicants and dated.
- Employed By
Someone:
- Original W-2
form for the past 12 months
- Original paycheck
stub that will show your year-to-date income
- Self-Employed
Or A Sole Proprietor,:
- Last year's
federal tax return or a copy
- Profit & loss
statement for the year-to-date
- Self-Employed And Incorporated:
- Last years
form 1120 or a copy of it.
- Profit & loss
statement for the year-to-date.
- Federal tax
return and all schedules for last year
- Original W-2
form for last year, if this applies
- Original paycheck
stub that will show your year-to-date income
- Retired
But Still Have An Income:
- Original social
security award letter
- A pension
award letter will be needed
- Have
Rental Income:
- Copy of your
complete tax return for last year with schedule E
- Lease or rental
agreements for all properties. A copy is normally ok.
OTHER
INCOME TO DECLARE
For these there is no need to, unless you choose to list them; child support,
alimony or any type of maintenance income.
- A one year history
of receipt AND
- A copy of the fully executed divorce decree, if applicable
AND
- Evidence
of the one full year's of receipt of payments.
Asset Documents
- You will need,
for all your checking, savings and other asset accounts, originals
of the two most recent statements.
Obligations (debts
other than consumer credit accounts)
- If there is an
amount for child support, alimony or other maintenance
payments, a copy of the fully executed divorce
decree indicating the details will be required.
Property
- For a mortgage purchase
loan, a copy of the fully executed
purchase contract.
DO NOT
FORGET, OTHER DOCUMENTS MAY BE REQUIRED IN ACCORDANCE WITH LOCAL LAWS OR
MORTGAGE LENDERS POLICIES.
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