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Documents Needed When Applying For A Mortgage

Documents Needed When Applying For A MORTGAGE Before meeting with a lender, or going out house hunting, you need to start gathering the documents needed when applying for a mortgage. While some mortgage application delays are out of your hands, being proactive and having the documentation available upfront will ensure the process is as smooth as it can be. JREQUIRED MORTGAGE INFORMATION { Based on the new Qualified Mortgage rule, enacted by the Consumer Financial Protection Bureau in 2014, there are certain documents that loan officers will ask for in an attempt to eliminate risky lending practices. Below are documents frequently needed when applying for a mortgage. Primary Identification for Patriot Act Compliance Secondary Identification PASSPORT i.e. Driver's License i.e. Social Security Card, Passport, or Alien Registration Green Card Current Credit Report Work History for Last 2 Years BANK Name, Address, and Phone # of Employer Home Address for Last 2 Years Verification of House Payment Bank Statements for Last 2 Months Pay Stubs for Last 2 Pay Periods 55 Full Tax Returns and W-2 Forms for Last 2 Years If You Cannot Find a Tax Return, Request it from the IRS on Form 4506 If self employed, in addition to the above items, have these documents ready: 1099 for Last 2 Years Form 1120S or K1 Both Personal and Business Full Tax Returns for Last 2 Years Proof of Self-Employment Current Balance Sheet and Profit/Loss Statement 55 ххх If retired or disabled, the following documents need to be available: Pension Award Letter Social Security Award Letter Supplemental Security Income Benefits Permanent Disability Award Letter Recent Retirement Account Statement When you have an accepted offer, the following documents need to be presented: Signed Sales Contract and Appraisal Name, Address, and Phone # of Closing Attorney SOLD { ADDITIONAL LOAN DOCUMENTS } Some of these items you will need regardless of the type of loan requested while others may only be necessary based on the loan type. As a fail-safe, have as many of these documents in your possession and avoid possible delays. While not all-inclusive, this is a good representative list of additional loan documents you may need to provide lenders. Veterans Certificate of Eligibility DD 214 or Statement Written Salary and Position Verification (on Company Letterhead) of Military Service Cancelled Bankruptcy Documentation Gift Letter Rent/Utility Checks Divorce Decree or Separation Agreement Alimony/Palimony Payments Receipt Child Support Payments Receipt 10 11 12 Most Recent IRA/ Retirement/401K Statement H-1 /L-1 Visa for Non- Řesident Aliens Copy of Business License 13 14 15 Bonus Copy of Bond Insurance Rental property income Information BANK 16 Cars Credit Cards Student Loans Existing Consumer Debt Information {, REFINANCING/ OWN ADDITIONAL L PROPERTY DOCUMENTS J } This is a representative list of documents you may be asked to provide if you are refinancing your primary residence or own additional property. If you utilize the same lender who originally provided your mortgage, less documents may be required. Property Tax Bill Deed from Current Loan Note from Current Loan Title Insurance Policy Existing Home Equity Loans Homeowners Insurance Policy %$4 FOR RENT III || || Rental/Lease Agreements Current Home Homeowners Association Statement Appraisal 10 11 || || Mortgage Statements for All Owned Properties Name, Address, and Phone # of Condominium Management Company The home mortgage loan process does not need to to be difficult or confusing, and if you are working with a buyers's agent, lean on them for quality advice. A little work on your part to ensure you have the documents needed when applying for a mortgage will speed up the process and ensure your experience is a good one. {wor ADDITIONAL MORTGAGE RESOURCES Mortgage Rates courtesy of Zillow http://www.zillow.com/mortgage-rates/ Consumer Financial Protection Bureau http://www.consumerfinance.gov/ Mortgage Information from Inlanta Mortgage 179 Reasons Why Buyers Need to Use a Realtoro http://sellingwarnerrobins.com/2015/01/doc uments-needed-applying-mortgage/ http://www.madisonmortgageguys.com/ Qualified Mortgage Standards via the CFPB http://www.consumerfinance.gov/regulations/ability-to-repay-and-qualified- mortgage-standards-under-the-truth-in-lending-act-regulation-z/ COLDWELL Www.sellingwarnerrobins.com BANKER 9 (478) 960-8055 (C)/ (478) 953-8595 x227 (0) SSK, REALTORS® www.coldwellbankerssk.com ©Anita Clark { Source: http://sellingwarnerrobins.com/2015/01/documents-needed-applying-mortgage/ } ш

Documents Needed When Applying For A Mortgage

shared by anitaclark on Jan 21
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Here is a generic list of the documents you will need to have handy when ready to begin the home loan process.

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