FINANCING

Before you start home shopping, you should get preapproved for a loan so you can focus solely on homes in the price range that you qualify for.

Mortgage Application Process

When you meet with the lender for your loan application interview, it’s important to bring all the proper information to ensure that your mortgage application will be processed as quickly as possible.

After you apply, the lender will begin the work of verifying all the information you’ve provided.  The following list will give you an idea of the types of documents and information you should be prepared to provide.  This will ensure a smooth, well-organized mortgage application process.  There may be additional information required by your lender.

Documents for Lender

  • New Home Purchase Agreement
  • Sales contract, if selling present home

Personal Data

  • Social Security number for each borrower
  • Date of birth of each borrower
  • Address of residence(s) for past 24 months
  • If self employed or commissioned, Federal tax return for last two years
  • Divorce decree (if applicable)
  • Bankruptcy papers (if applicable)

Income/Employment

  • Employment history of each borrower for a minimum of 24 months
  • Other permanent sources of income: Interest/dividends, pensions, disability, child support or rental income

Credit History

Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it’s a good idea to get your credit report, before you apply for a mortgage, and correct errors.

  • Deposit Accounts: checking, savings, credit union, IRA’s, CD’s, etc.
  • Name, address, zip code of each bank or credit union
  • Account number of each account & current balances
  • Outstanding Loan Accounts: furniture, auto, present mortgage, etc.
  • Name, address, zip code of each lender
  • Account number for each debt account, monthly payments and current unpaid balances
  • Credit Cards … monthly payments & current unpaid balances
  • Previous Credit References: name, address, zip code of each bank or lending institution, account number, highest credit & date paid off

Miscellaneous

  • Cash value of life insurance & amount in force; monthly premiums paid
  • Household and personal property value
  • Auto(s) year, make and model; value
  • Other assets; boats, motorcycles, jewelry, savings bonds, etc.