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What your lender will need from you will vary from lender to lender, and what
type of loan you are applying for.
In many cases, your lender will allow you to apply on-line. You will
need the information below at that time and normally have to provide the paper
copies to your lender at a later time.
- Last 30 days of pay subs
- Last 2 years W'2's (
- Self Employed? 3 Years personal and business tax returns along with a
current Profit and Loss statement
- Last two months of bank statements for checking and savings accounts
- Have and an IRA? 401k? Bonds? Stocks? Bring preferably last statement
that shows cash value
- Driver's license or other state issued photo ID
- Veteran? Bring you discharge papers (DD214) An eligibility certificate
will have to be obtained
- Do you currently rent? Bring name, address, account number and phone
number of current landlord
- Do you currently own your home? Bring your current mortgage company's
name, address, phone number, your account number, approximate mortgage
balance, payment information, it's easiest if you bring your last statement
- Name, address and phone number of current employer (Check to see where
employment verification should be sent as it may vary from your normal work
address.)
- Car loan? Credit cards? Student Loans? Any debts! Bring your last
statement or at minimum account numbers, balance, minimum monthly payment
information, mailing address and phone numbers
- Separated? Divorced? If any money is paid or received by you bring
a copy of the agreement. Any money received by you try to document. Copies
of checks or statement from your local support and custody division if
payments are made through them.
- Check to pay for your credit report
- Do you have someone else on your bank accounts for emergency purposes?
Bring a letter from that party stating that they are on that account for
emergency purposes and that the money in the account is yours and they have
no claim to it.
- List your assets. Ex: type of car - value, life insurance - cash value,
furniture - value, etc
- Employment record: Write a list of where you have worked, dates from and
to, job title and approximate income from those employers; you are creating
your work history
The more of this information you have at the time of your application, the
easier it will be for the lender to let you know if they foresee any problems in
getting a mortgage approved for you, as well as what type of loan and interest
rate you may qualify for. They may not need all of the above, and they may
ask for additional information.
Preparing in advance will make this process much easier and less stressful
for you as a purchaser.
Need assistance? Shoot us an
email,
or feel free to call at 410-529-2500!
Leah Knoerlein, Broker, ABR, SRES, AHS, LT REALTY
Go to Leah's homepage!
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