Buying a new home is an exciting time but also a very big decision. To make sure everything goes smoothly; once pre approved for your mortgage, you begin your home search while at the same time gathering the paperwork for your lender.
Here is a mortgage application checklist that will help you when working with your mortgage professional.
Your application with this list should make things go easier and quicker. I will also be happy to provide you a few mortgage banker’s contact information if you need it.
In addition to your residence history and employment history during the past two years, these are the items to bring with you for a loan application:
- Purchase contract
- Last 2 years of W-2’s & tax returns
- Business tax returns and certified P&L (if applicable)
- Most recent pay stubs – 1 month
- Last 3 months bank statements
- Debt information; loan payments info (car, boat, etc.)
- Last 12 months of cancelled checks for rent or mortgage payments
- Most recent credit card statements
- Divorce decree (if applicable)
- Alimony of child support evidance (if applicable)
- Application fee
- Driver’s License & Social Security Card
- Personal property information
Interest rates will fluctuate from the application day, until the day you close. Consider locking in your rate when applying for a mortgage.
Discuss with your lender about the choices that suit you.
After your pre approval, avoid these actions:
- Avoid new debt: making new purchases that can change your debt to income ratio.
- Opening a new line of credit might lower your credit score.
- Closing your credit cards/accounts can harm your credit score that helped you establish your credit history.
- Do not change jobs during the application. It might delay your process for 30 days.
Real Estate tips on Homes By Haris
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