Get These Papers Ready For A Fast And Easy Home Loan Application Process

One of the best ways to make sure your mortgage application goes smoothly and quickly is to have as much of the information that the lender is going to require ready ahead of time. Having the proper documentation will make things easier for both you and your potential lender, so it is a good idea to gather this information in advance, especially if you are interested in your home quickly.

Following is a list of the documents that a lender will typically request when you are applying for a mortgage. In no special order, they are:

-List of payments: Every recurring and obligatory debts or bills you pay on a regular basis, such as student loans, child support, credit card bills, installment loans such as car payments, current mortgage or rent payments, including institution and account numbers.

-Proof of assets. Copies of bank statements. The lender will want to confirm your assets and therefore will request a recent copy of all bank and brokerage statements, including retirement (401, IRA) accounts. Make and model of any vehicles you own. If you own a business, you will be required to have copies of the tax returns. For any rental properties you may have, supply rental agreements and estimated value of the rental unit.

-Any divorce decree, if it has an influence on your financial status.

-Your employment history, with names of employers, including proper contact name and dates of employment.

-The previous two year’s W-2s and your pay record from the latest pay periods. These are intended to permit the lender to confirm your current salary. In the case of self employed individuals, you should have ready the last two year’s personal and business tax returns, in addition to the business’s financial statements. Retired individuals will not have W-2s, and they should therefore provide a copy of the SSA Award letter, as well as copies of any retirement or pension checks you receive.

-Addresses: The lender will want to check on each of your addresses for the prior two years.

-If you have located the home you want to buy, bring a copy of the purchase agreement, plus a full description, which you can get from you real estate agent. -For a refinancement, you will need copies of your homeowners insurance and the title insurance policies.

Taking all of these steps ahead of time will smooth the loan application process immeasurably, since the lender can submit an almost complete paperwork package right away.

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