|
|
Whether you're buying a new home or refinancing your existing home, applying
for a mortgage can be both exciting and confusing. Once you have selected a
lender, you'll need to set up a time with a mortgage officer to complete an
application.
There are many documents which the lender will review with you and have you
sign. What's more, you'll need to present verification of your income, assets
and other financial information.
Below is a comprehensive checklist of what is generally needed when you apply
for a mortgage. If you have these items with you, it will speed the application
process and you'll have an answer on your mortgage sooner.
Use the checklist below when gathering information for the appointment with
your mortgage representative.
In the boxes below, select "Have" or "N/A (not applicable)"
Income / Employment
Support
|
 Have
N/A
|
If you wish to disclose income from child support or alimony payments, bring the
appropriate verification including the divorce decree and settlement agreement.
|
|
Have
N/A
|
If you are obligated to pay child support or alimony payments, bring evidence of
the last 12 months payments or a computer statement from the family division
(orphans court), the settlement agreement and the divorce decree.
|
Investments / Deposits
|
Have
N/A
|
Statements of all bank accounts including deposits for the last three months and
investment items, including stocks, bonds, etc. If you do not have a statement,
bring your account number and addresses of all financial institutions.
|
|
Have
N/A
|
A list of any of your real estate investments including: property addresses,
mortgagee addresses and loan numbers. Also, include the estimated value, gross
monthly rental expenses, monthly mortgage payment, net monthly rental, type of
property and mortgage balance.
|
Debts / Obligations
|
Have
N/A
|
A list of all of your financial obligations, including lender addresses, loan
balances, original amounts, monthly payments and number of payments remaining.
Be sure to include school loans, credit cards and home equity loans.
|
Purchase Information (Not required for mortgage refinance.)
|
Have
N/A
|
A completed and signed sales agreement for the purchased property.
|
|
Have
N/A
|
A receipt for all earnest deposit/hand monies and/or a copy of the cancelled
check written to the real estate company.
|
Current Residence
|
Have
N/A
|
Addresses for all the places in which you've resided within the past two years.
|
|
Have
N/A
|
Title policy, deed and survey on your current residence if you are refinancing.
Also, you'll need to provide information on annual taxes, hazard insurance
premium, mortgage balance, address of the mortgage holder and the account
number.
|
|
Have
N/A
|
Copies of any rental leases for property currently leased by or from you. If you
are currently renting, have the name and address of the landlord or the recent
12 months cancelled checks for rent payments.
|
|
In general, when you apply for a mortgage, bring anything that can be
photocopied and used to verify your income, assets and obligations. It will
significantly speed up the processing of your application.
Also be prepared to write a check for the application fee quoted to you when
the appointment was set.
To try our mortgage calculators, click here
.
The information presented in this publication is general in nature and it is not
our intention to provide specific advice to individuals or a comprehensive
discussion of the subject matter. We suggest that you consult with your
financial or tax advisor, accountant or attorney to obtain specific advice or
comprehensive information.
|
|
Equal Housing Lender. Member FDIC. Copyright ©