Getting Financing
There are many steps to financing your home and to make the process go a bit smoother here is a list of items that you will need to complete you Mortgage Application. This list is just an example and you may be asked to provide additional documentation.
In order to begin the process of applying for a loan you would need to provide the following to your bank or loan officer:
- Your Social Security Number(s)
- The address(es) of your residence(s) for the past two years, plus the names and address(es)of all landlords during that time
- The names and address(es) of all employers for the past two years
- A list of all your monthly debts (auto loans, student loans, mortgage loans, credit cards, etc.), creditors’ names, address(es), account numbers, minimum monthly payment amounts and outstanding balances on each account
- Information on any real estate you already own, including property address, current market value, mortgage lender’s name and address, loan account number, balance and monthly payment
- If your offer to purchase has been accepted, provide the phone number and address of the listing and selling agents (or seller and seller’s attorney if no real estate agent is involved)
- The following items may be required if you decide to proceed with the loan and after the Good Faith Estimate is issued to you:
- A check for the application fee (if you are applying online, you’ll need your credit card number and the expiration date)
- Paycheck stubs from the last 30 days that show your year-to-date earnings
- Original W-2 forms for the past year. If you are self-employed, earn commissions, overtime, or bonuses totaling over 25% of your income, please provide personal and/or corporate tax returns from the past year. A current profit and loss statement and balance sheet are needed for self-employed individuals
- You will need to provide your original bank statements from the two most recent months for all checking and savings accounts Statements from the past two months for CDs, IRAs, stocks, bonds and any other securities if you intend to use any of these assets for your down payment
- We will also need a signed purchase contract on the home you wish to buy, plus any amendments or counter offers, and the receipts for earnest money or down payment deposits
- If a sale is pending on your existing home, we’ll need a copy of the purchase contract for that existing property and the sales listing contract