- Property
- Employment
- Personal
- Assets and Liabilities
- Other
- A copy of sales contract, executed by all the parties.
- A copy of deed (in case of refinanced homes).
- Location details of the property (complete address).
- W-2 forms for the last two years
- Tax returns for the past two years
- Most recent paystubs (the last 30 days)
- Most recent P&L statement (for self-employed borrowers)
- Employment history for the past two years (the name and contact details of the employers).
- A copy of your driving license
- Your Social Security Card
- Your housing expense
- Most recent bank statements (last two months)
- 401 K statement
- A list of assets such as stocks, bonds, and real estate holdings (if any).
- A list of outstanding debts such as medical bills, and student loans.
- A copy of any divorce and/or child support order, if applicable.
- Bankruptcy papers, including discharge papers, if applicable.
- Documents showing the source of any large deposits outside your payroll.
"Loans are what we do, not who we are."- CEO, Steve Jacobson
If you think you’ve got a handle on the documentation needs
then click here to review all your options for buying your dream home today!
“Loans are what we do, not who we are.”
– CEO, Steve Jacobson
This may vary depending upon the specific type of mortgage you are applying for, as different agencies will need to be involved in the process. Typically the process plays out in a month or less, though some will go quicker. It is not uncommon to have the mortgage application processed within 10 days. It is critical that you get the application entirely completed, so that you can avoid any delays along the way.
The main thing that can delay the approval of a loan is failing to properly and completely fill out the applications. It is also important that you be completely honest on the applications, as any discrepancies may cause delays. In addition, changing jobs, having a change in your salary, changing your marital status or taking on additional debt can delay the approval of a loan.
Closing costs include items such as taxes, title fees and hazard insurance. Sometimes what is included in closing costs varies, and it can be impacted by the negotiation process on the sale price of the home, as the homeowners may or may not cover certain closing costs. You’ll want to have some money set aside to cover your closing costs.
Prepaids are items that you as the homebuyer pay at closing. This is a payment before the actual due date. These may be necessary depending upon the details of the closing. They include taxes, hazard insurance and other various assessments.
After you close, you’ll receive a letter that includes all of the dates and information that you need. If you want further details while you are closing, you should inquire about the specific due date of the first payment.
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