Applying for
the Mortgage
Now that your offer has been
accepted, you will need to apply for a mortgage. Your mortgage agent will need
you to supply him/her with specific paperwork that is essential for a quick approval
of your loan application.
Your should have the following
information available before you meet with your mortgage agent to fill
out your application:
- Application Fee - This
fee differs from mortgage lender to mortgage lender and is based on the type
of loan you will be needing. Check with the lender for a specific amount.
- An Agreement of Sale
- The lender needs to know all aspects of the sale so be sure to have an extra
copy of your sales agreement handy.
- Two recent paystubs
from your current employer - If more than one person is applying for the loan,
you will need stubs for each applicant.
- W2's or 1040's for the
past two years - NOTE: If self-employed or commissioned earnings are involved,
you must supply copies of signed completed tax returns with all schedules.
- Evidence of any income
received other than your primary earnings if you wish it to be considered
in qualifying for the loan.
FOR EXAMPLE: copies of leases for other properties owned, social security,
pensions, notes receivable, alimony and child support, if applicable.
- Copies of three (3)
months' bank statements, stock statements, CD's, bonds, passbooks, etc., evidencing
present cash assets. If you have recently sold a home, provide a copy of your
settlement statement.
- Pertinent information
on any presently owned real estate - to include rental leases. If you are
selling a home, the Agreement of Sale or Listing Agreement.
- Copy of a recent statement
from your current mortgage lender showing twelve (12) month's history and
other pertinent information, or copies of twelve (12) month's cancelled checks
(front and back).
- Information available
on any past credit problems - to include a thorough explanation of the reasons
for the problems. If a bankruptcy is involved, copy of the schedule and discharge.
- Evidence of the amount
of a child support obligation, with copies of a divorce decree or court order.
- Copy of your current
tax bill.
Different loan programs
may require additional information. Check with your lender in advance to see
if you will be required to provide any additional paperwork. Remember: the faster
you provide the necessary documents, the faster your loan may get approved.
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