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Mortgage Prep

A mortgage lender will typically request that you submit the following items when applying for a loan:

Employment

  • Names and addresses for two full years
  • Gross monthly income
  • W-2s for the past two years
  • Federal tax returns for the past two years
  • Pay stubs for the past 30 days
  • Proof of income from rentals, investments, etc
  • Proof of retirement, disability or Social Security income
  • Proof of child support or alimony paid/received

    If self-employed:

  • Federal tax returns for the past two years
  • Current year profit and loss statement

Creditors

  • Account numbers for each
  • Monthly payments and approximate balances
  • Amounts of child care expenses -- only on VA loans

Banking

  • Bank statements for the past two months
  • 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-- settlement statement proves home is sold and buyer is in possession of proceeds
  • Social Security numbers for all parties on the contract
  • Veterans - Certificate of Eligibility & DD-214
  • Cash or check to pay for application fee
  • Copy of each applicant’s driver’s licenses

And remember...  from the time you apply for the loan and until the home is officially yours DO NOT:

  • Change jobs
  • Apply for new credit
  • Make any large purchases
  • Miss any regular monthly payments
  • Take cash as gift funds
  • Change bank accounts
  • Dispute accounts on your credit report

Any of the above actions will jeprodize your loan approval.  Speak with your lender and confirm what to do and not to do during this very important period.

Give me a call at (760) 382-1082 and let's talk further about what it takes to receive a pre-approval letter from a lender.  I have a fabulous lender with the absolute lowest rates and fees that I can introduce to you!


 

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