Today’s Real Estate market is more competitive than ever before. Sellers are looking for the most qualified offers and buyers. BE PREPARED!
Being “pre-qualified” may not be enough. Loan approvals are often verified by the Sellers’ representatives and a fully documented loan approval may make all the difference in your offer being ACCEPTED!
D&CO. aims to make the loan process as pleasant and efficient for our customers as possible. The more prepared you are at the start, the smoother and more efficient your experience should be.
Loan application information required when you apply for a mortgage loan:
- Full name, date of birth, social security number
- Phone number and email address
- Marital status, number of children and ages
- Residence history for at least years
- Employment history for at least 2 years, including addresses, phone numbers and position
- Asset account balances including checking, savings, investment and retirement accounts
Documentation that will be required to support your loan application:
- Government issued, unexpired photo ID
- If you’ve had a bankruptcy in the past seven years, your bankruptcy papers, including all schedules and discharge will be required
- If you rent, your rent payment and landlord information is required. If you own, all mortgage statements, proof of taxes and insurance are required for ALL properties owned
- Pay stubs covering the most recent 30-day period
- 2 years W2 forms
- If you receive commissions, bonuses, or are self-employed, you must provide 2 years of Federal income tax returns will be required
- Social security, pension and disability income will require form SSA-1099, award letter and bank statements confirming deposits
- If you are divorced and receive or pay alimony or child support, a divorce decree will be required
- Most recent 2 months statements for all bank accounts – you MUST include all pages even if a page says “intentionally left blank” or you think there is no relevant information on that page **all large deposits or transfers will need to be documented
- If you are receiving gift funds, a gift letter will be required with signatures from all donors and recipients verifying the gift isn’t a loan – the donor’s accounts for verification may be required
Please note: the items listed here are a general guide. Circumstances are different for every individual, so your particular documentation requirements may vary. Your loan officer will guide you through the process to gather all of the items specific to your application.
D&CO. loves guiding customers through the loan process.
Questions? D&CO. is here to help! Contact DeAnna or Kaylie today, to experience why they’re everyone’s favorite mortgage advisors!