Lew Nonnenmocher, RE/MAX on the Coast
 
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 Preparation for a Mortgage Application


Prepare Early and be Responsive to Lender Requirements


The mortgage approval process has become much more comprehensive as a result of all the scrutiny mortgage lenders received from the Federal Government after widespread foreclosures were experience in 2006-2010.

As a result, it is imperative that you start collecting the documents and information below as early in the buying process as possible. Your lender will require these documents at the beginning of your approval process.

Your lender may require other documentation at the beginning and during the mortgage approval process, all the way up to closing. It’s very important, to ensure you close on time to provide any additional information or documentation they need as soon after they ask for it, as possible.

The more expeditiously you respond to your lender's request, the smoother your closing will be and a better chance at closing on time.

NORMAL REQUIREMENTS

Employment
Names and addresses for two full years
Gross monthly income
W-2s for two years, if available
Year to date pay stub
Proof of income from rentals, investments, etc Proof of retirement, disability or Social Security Proof of child support or alimony paid/received
If self-employed:
Two years Federal Income Tax Returns
Current year profit and loss statement
Creditors
Each creditor's name, addresses and type of account
Account numbers for each
Monthly payments and approximate balances
Amounts of child care expenses

Banking
Names and addresses of banking institutions
Account numbers for all accounts
Type of accounts and present balances

Miscellaneous
List of assets in stocks, bonds, and property
Life insurance cash value (documented if used as cash down payment) If applicant is selling a home, a copy of sales contracts
Social Security numbers for all parties
Veterans - Certificate of Eligibility & DD-214
Cash or check to pay for application fee

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