p>When shopping for a new home mortgage or refinancing an existing mortgage, the borrower will need to submit information to the lender. Knowing the documentation that is necessary when obtaining a mortgage will make the process easier which may lead to a quicker closing.
The basic documentation that is need when submitting a mortgage application is as follows:
Income – in all cases, proof of two years of employment is needed even if there have been multiple employers
-Two years of W2 statements.
-Recent pay stubs covering a 30 day period.
-Two years of Federal tax returns if you are self-employed or have income from other sources that will be used for qualifying. If self-employed, a year to day Profit and Loss Statement may be necessary.
-Corporate or Partnership tax returns if the borrower owns more than 25% of the business.
-Social Security Award letter if collecting social security pension or disability benefits.
-Court documents if income such as child support is being used to qualify; copies of 12 months of deposits.
-Copies of school transcripts if the borrower was enrolled in classes and not employed at some point during the two year period.
-Documents obtained over the internet must show the borrower”s name, account number and the name of the institution.
-Bank statements for the most recent two months, including all pages even if they are blank; documentation for any large deposits.
-Most recent 401K statement.
-Most recent financial casino jameshallison statements for stocks, bonds, etc.
-When renting, a online casino slots copy of 12 months of cancelled rent checks may be necessary.
-Landlord”s name, address and phone number.
-Copies of most recent bills when paying off debt through a cash
-In the case of a previous bankruptcy, copy of the bankruptcy papers and/or discharge of debt.
-Copy of current mortgage statement when refinancing.
Gifts (used with a home purchase):
-Completed gift letter – form will be furnished by the lender.
-Copy of donor”s bank statement showing the funds and ability to make the gift.
-Copy of deposit of gift funds into the borrowers bank account.
-Copy of social security card
-Copy of driver”s license
-Copy of DD214
Lenders often have their own requirements and may request additional information. When refinancing, it is a good idea to bring along your previous documents, such as title insurance and survey, so that these items will not need to be reordered. In all cases, having the documentation ready for the lender will make the examination of the loan file move along at a faster pace to a closed transaction.