Posted on: 20th Jun, 2009 06:56 pm
Use this helpful checklist to assist you in gathering your documentation. It is important to have this done prior to applying for your loan.
INCOME DOCUMENTATION
• Salaried employees to provide copy of 1 complete month of most recent pay stubs and last 2 years of W-2’s.
• Self-employed to provide copy of last 2 years signed tax returns (include all schedules) and the current year’s profit and loss statement, if possible.
• Retired and/or receiving pension to provide copy of social security awards letter and/or pension benefit awards letter.
• If you are claiming rental income provide copy of current lease(s) and “schedule E†of your past 2 years returns.
ASSET DOCUMENTATION:
• Copies of 2 most recent months bank statements from checking and savings accounts (all pages).
• Copies of 2 most recent months of investment/brokerage account statements.
• Copies of last quarter’s statements for all stock, bonds, mutual fund, IRA, and 401(k) accounts.
OTHER DOCUMENTATION:
• Copy of contract if purchase or recorded deed for property if refinance.
• Copy of last mortgage statement on all mortgages and second loans.
• Copy of divorce decree & judgment if previously married.
• Copy of bankruptcy court discharge papers, if applicable.
• Copy of homeowner’s insurance declaration page 7 days prior to closing.
• Photocopy of your drivers’ license.
• Title insurance forms (schedule A & B only) if refinance.
MORTGAGE DOCUMENTS
INCOME DOCUMENTATION
• Salaried employees to provide copy of 1 complete month of most recent pay stubs and last 2 years of W-2’s.
• Self-employed to provide copy of last 2 years signed tax returns (include all schedules) and the current year’s profit and loss statement, if possible.
• Retired and/or receiving pension to provide copy of social security awards letter and/or pension benefit awards letter.
• If you are claiming rental income provide copy of current lease(s) and “schedule E†of your past 2 years returns.
ASSET DOCUMENTATION:
• Copies of 2 most recent months bank statements from checking and savings accounts (all pages).
• Copies of 2 most recent months of investment/brokerage account statements.
• Copies of last quarter’s statements for all stock, bonds, mutual fund, IRA, and 401(k) accounts.
OTHER DOCUMENTATION:
• Copy of contract if purchase or recorded deed for property if refinance.
• Copy of last mortgage statement on all mortgages and second loans.
• Copy of divorce decree & judgment if previously married.
• Copy of bankruptcy court discharge papers, if applicable.
• Copy of homeowner’s insurance declaration page 7 days prior to closing.
• Photocopy of your drivers’ license.
• Title insurance forms (schedule A & B only) if refinance.
MORTGAGE DOCUMENTS
great question, autumn. how does said unemployed person plan to make payments on the mortgage? i know you didn't say no income, but UEC runs out eventually, and then what?
lenders are not going to be throwing money at unemployed people.
lenders are not going to be throwing money at unemployed people.
1. IF EMPLOYED YOU NEED TO SUBMIT TO THE MORTGAGE INSTITUTION YOUR PROOF OF INCOME LIKE PAYSLIP FOR YOUR SALARY OR JOB CONTRACT WHERE YOUR BASIC SALARY IS BEING STIPULATED.
2.IF BUSINESSMAN, YOU NEED TO HAVE YOUR AUDITED FINANCIAL STATEMENT FOR THE LAST TWO YEARS
3. FOR PENSIONERS, YOU NEED TO SUBMIT YOUR PROOF OF REMITANCE ON PENSIONS.
2.IF BUSINESSMAN, YOU NEED TO HAVE YOUR AUDITED FINANCIAL STATEMENT FOR THE LAST TWO YEARS
3. FOR PENSIONERS, YOU NEED TO SUBMIT YOUR PROOF OF REMITANCE ON PENSIONS.
yeah, kind of...
self employed borrowers must have 2 years' tax returns.
self employed borrowers must have 2 years' tax returns.
Also, make sure if you have any private contract type loans that are not listed (nor will be listed) on your credit report, that they also are submitted to your mortgage broker/loan officer and to the lender. I don't think most mortgage brokers asks for this and it can easily be overlooked.
I actually learned this by asking and not being told by the professionals. Had I left it up to them they would have never said anything. I actually had a debt that was not on my credit report that did not get submitted to the lender and I did not even know this was right or wrong until almost closing. It is taken care of now, but I don't want anybody to potentially get into trouble over this. It is an easy overlook, especially for the new time home buyer as the loan application forms are already pre-filled and most just sign and not read the fine print.
I actually learned this by asking and not being told by the professionals. Had I left it up to them they would have never said anything. I actually had a debt that was not on my credit report that did not get submitted to the lender and I did not even know this was right or wrong until almost closing. It is taken care of now, but I don't want anybody to potentially get into trouble over this. It is an easy overlook, especially for the new time home buyer as the loan application forms are already pre-filled and most just sign and not read the fine print.
if you make a decision to refinance or purchase a new home,,,, you will be necessary to sign a set of disclosures in order to begin the mortgage procedure.... this set of documents will take in the truth in lending disclosure, the good faith estimate,,,,, the credit report disclosure,,,, and many more.... these documents permit the bank or mortgage broker to gather sensitive information such as employment history, credit reports, bank statements, income documents, and more...
about, please refer back to the query. our poster desired to know what documentation was needed to bring to the lender to begin the process of applying for a loan.
the documents that the lender prepares in connection with a new loan have no relevance to the specific question here. please take care to respond in kind.
the documents that the lender prepares in connection with a new loan have no relevance to the specific question here. please take care to respond in kind.
Lenders are requiring 2 years of residence hisory. It does not have to be all in the same location. The just want to know where you have lived over the past 2 years. Here is a great website for info.
DesireeDoesLoans dot com[/url]
DesireeDoesLoans dot com[/url]
Thanks Eric for these information .
Providing such basic information here really helps a lot of persons who are in their path of acquiring a loan. The checklist helps them to prepare all the necessary documents needed.
It looks like it's bright and sunny Down Under, Sabrina - shine a little of that up here to Connecticut, USA, if you have any to spare, please.
I am dreaming for having my own house, and I don't know the first step. This forum seems has a lot of treasures to have for.
Hi barryflecthing!
Welcome to forums!
You will require your pay stubs, tax documents, sales contract signed by Buyers and Sellers, Social Security number of all applicants, Complete address for the past 2 years, name, address, account number, monthly payment and current balance for: instalment loans, revolving charge accounts, student loans, mortgage loans, and auto loans, etc.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You will require your pay stubs, tax documents, sales contract signed by Buyers and Sellers, Social Security number of all applicants, Complete address for the past 2 years, name, address, account number, monthly payment and current balance for: instalment loans, revolving charge accounts, student loans, mortgage loans, and auto loans, etc.
Feel free to ask if you've further queries.
Sussane
Well the information you have provided is great. But I have no knowledge about what document are needed to gather a mortgage.
Check out my last post. You'll get to know what documents you may need to get a mortgage.
Well, check these some point
1) Document where you lived for the past two years.
2) Verify your income for the past two years.
3) Get a copy of your original purchase agreement to your lender.
4) Youll probably be asked to copy the last two or three month statements from all checking accounts, savings accounts, money market, IRA, mutual fund and brokerage (stock) accounts.
1) Document where you lived for the past two years.
2) Verify your income for the past two years.
3) Get a copy of your original purchase agreement to your lender.
4) Youll probably be asked to copy the last two or three month statements from all checking accounts, savings accounts, money market, IRA, mutual fund and brokerage (stock) accounts.