Mortgage Check List

Mortgage applications differ greatly from one person to the next but the purpose of each application is to answer two basic questions:


Do I have enough money to buy this house?
Do I earn enough to afford the payments?


Prior to meeting with a Loan Officer, we recommend a brief telephone interview to determine what items will be needed to approve your mortgage quickly. Please alert your Loan Officer to any credit problems you may have had; we will gladly review your credit history with you in advance and without additional cost.


Information Required at Time of Mortgage Application:

Property

• Fully executed copy of sales agreement and all addenda (or of you have not purchased a property we will issue you a pre-approval letter).

Income

• Last 2 years W-2 forms.
• Most recent 30-day pay stubs.
• Documentation of any other income to be used to qualify (child support, alimony, social security, copies of leases, etc.).
• If self-employed (you own 25% or more of the company you work for), copies of last 2 years personal and business tax returns; copy of last available year-to-date profit and loss statement.
  

Assets

• Copies of last 3 months bank statements (CD's, credit union, checking savings, brokerage accounts, retirement accounts, etc.).
• If applicable, contract for the house you are selling and leases for property you are renting out.
• Copies of titles of free and clear cars that are less than four (4) years old.
• Documentation of source of money from any other asset used to purchase this house (i.e., bank statements, stock statements, etc.)
  

Liabilities

• Complete list of all debts (as well as loans secured by retirement plans such as 401(k) loans) and those for which you have co-signed.
• Names, addresses and phone numbers of landlords for last 2 years (if applicable).
• Copy of divorce decree(s) (if you are obligated to pay child support or alimony, please also submit a copy of your settlement agreements).