Your Mortgage Loan Application Checklist

Posted on May 28, 2019 in Financial Tips

When you apply for a loan, the lender will require the answers to certain questions and for you to provide specific documents. This is to make certain you’re put into the correct loan product, FHA, VA, Conventional, or other.

1. What is the selling price and address of the home you’ve chosen? Provide a copy of the signed purchase agreement, if applicable.
2. How much money are you planning to use as a down-payment?
3. Where does the down-payment originate? Is it from savings, a gift or a loan?
4. How long do you plan to occupy your new home? The lender will show you appropriate loan
5. products between fixed rates, adjustable rates or a hybrid of the two.
6. What is your anticipated closing date?

In addition, all lenders will require the following documentation:

• Your Social Security number, to run your credit scores
• Your address and contact information for your employer of the past two years
• W-2s for the past two years and current paycheck stubs
• Bank and savings information, including printed bank statements for the past six months
• Revolving debt and loan accounts, and monthly obligations such as child support.
• Personal assets such as a stock portfolio, CDs, other property, and 401ks.
• Certificate of Eligibility and DD-214 (for veterans only)
• Tax returns with 1099s for the past two years and current balance sheet for self-employed applicants

If you haven’t chosen a home yet, getting preapproved in advance will save you a lot of time and guesswork.

From Chuck Barry’s May 2019 Issue of the Berkshire Hathaway HomeServices Monthly Newsletter.

© 2019 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently listed with a Broker, this is not intended as a solicitation. Equal Housing Opportunity.

Thinking Of Selling Your Home?

Find out how much your home is worth!
Request your free no-obligation home valuation now!