21 STEPS TO A PERFECT LOAN APPLICATION
Most lending institutions require confidential information that you may not have at hand when making the mortgage loan application. To hasten the loan approval process, you will want to bring the following with you.
- 1. A copy of the Sales Contract on the home you are purchasing.
- 2 .A check payable to the mortgage company for a credit report and or appraisal. When the loan is approved, this is credited to you at closing. If, for some reason, the loan is not approved or the house does not appraise, this money is not refundable.
- 3. Social Security numbers of you and your spouse.
- 4. Checking account numbers, bank addresses.
- 5. Savings account numbers, addresses of same, gift letter for any money received from relatives to purchase home and placed in checking/savings account.
- 6. Mutual fund account numbers.
- 7. Serial numbers and face values of any US Savings Bonds and other stocks.
- 8. copy of thrift plan, provident fund, or retirement benefits which your company has. If not available, include addresses and account numbers. Include IRA and or other plans, where applicable.
- 9. Credit card references and account numbers
- 10. A list of debts you have. Document the names of all creditors, their addresses, telephone numbers, account numbers, monthly payments, and balances.
- 11. List of assets including insurance policies(cash value), cars and furniture.
- 12. Name and address of employers for the last five years. Latest leave and earnings statement or pay vouchers.
- 13. If overtime is a substantial part of gross income, provide W2 forms for the last 3 years. Commission sales usually require W2's from the last 3 years.
- 14. If you are self-employed, tax returns for the last 3 yers will be required, plus profit and loss statements and balance sheets for the past 3 years.
- 15. If you're getting a VA loan, your certificate of elegibility, if you have one, or a Statement of Service or discharge paper.
- 16. Name and account number of credit union.
- 17. If you presently own or have owned a home in the last three years, the name and address of the mortgage company or lending institution, the mortgage loan number and approximate balance.
- 18. If you are obtaining your equity from the sale of a previous residence, a copy of your closing statement is required.
- 19. If you are a landlord, bring a copy of your tenant's lease with you to substantiate income derived.
- 20. Divorce papers and property settlements where property was involved in a divorce. If alimony or child support is being used as income to qualify for a loan, provide proof of payments.
- 21. Any bankruptcy judgement papers.
