Applying for a mortgage loan or refinancing can be made easier if you are prepared. The following is a list of items your lender may need to close your loan. You should locate these items and be ready to show them to your lender at your initial meeting.
Picture ID and Social Security Number
Bring picture IDs and Social Security numbers for each borrower.
Borrower’s Address for the Last Two Years
The lender will ask for your complete address, but will also want the complete addresses of anywhere else you have lived in the last two years.
Employer Information
Include the name, address, telephone number, and duration of service for employers in the last two years for each borrower.
Verification of Income
Make a copy of your pay stubs for the last 30 days and W-2 forms for the last two years, if you are a salaried employee. If you are self-employed, earn commissions, or are retired, you may need to provide copies of your personal tax returns for the last two years. Be sure to include copies of W-2 forms, 1099 forms and any other evidence of earnings with the tax returns. Individuals receiving Social Security should provide verification. Those who are paid child support and/or alimony have the option to disclose that information.
Copy of the Sales Contract
Locate a copy of the sales contract for the purchase of the house. Make sure the copy includes signatures and any addendums.
Mortgage Information
You will to furnish need the name, address and telephone number for all mortgage lenders in the last two years.
Personal Assets
Make copies of statements for the last three months for all bank accounts, credit union accounts, investment accounts and retirement plans. Include all pages of the statements. You may also need cash values on all life insurance policies, value of household items and copies of titles for vehicles.
Rental Property Information
Bring the current lease agreements, if you are refinancing a rental property.
Divorce Decree or Separation
If you are divorced or separated, the lender may want to see a complete copy of your divorce decree or separation.
Child Support and/or Alimony Debt
Provide a copy of the legal paperwork that documents child support and/or alimony payments for which you are responsible.
Loan Payments
Be prepared to provide information on credit card balances, car loans, student loans, other mortgages and any other loans that you have. The lender may need account numbers, loan balances and payment information.
Warranty Deed
Make a copy of the warranty deed.
Application Fee
Have payment ready to cover the application fee and credit report.
Being prepared will make applying for a mortgage loan or refinance much easier. Some lenders will only require some of these items, while others may require all of them. Check with your lender to determine exactly which documents you need to help speed up the process. For more information regarding this topic, please contact Henssler Financial at 770-429-9166 or experts@henssler.com.
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