Don’t Show Up Empty Handed – What You Need for a Mortgage Application
Thinking of purchasing a home?
Or deciding what loan works best for you?
Well, you’ve come to the right place!
You will need to pay a visit to Neighborhood Loans and we will take care of the rest.
In order to get you the best loan possible, our lenders will need to assess some personal information, such as your credit score, employment history, possible debts and more.
Don’t worry, right from the start, Neighborhood Loans will make sure you are happy and knowledgeable throughout the entire process.
If you have any questions, concerns or need clarification, our lenders will be more than willing to address any issue.
Looking to save some extra money during your home buying process? Check out this article on some secret mortgage options.
Before coming, be sure to gather the following paperwork:
Documents You Will Need for a Mortgage Application
Copies of stubs for each applicant
Pay stubs, also known as payroll records. You can obtain these documents by submitting a request to your former employer. Your old supervisor or Human Resources representative can assist you with filling out the request form. They then will ask what form you would like it sent in, via fax, mail, email or in person.
Names and addresses of employers for the last two years
This is crucial because your lender needs proof you have a source of stable income and have the ability to make monthly payments for a mortgage.
W-2’s for two years
This document records an employee’s annual wages and the amount of taxes that are withheld from his or her paycheck. This form is then sent to the Internal Revenue Service (IRS) at the end of the year.
One to two years of tax returns
Provided by the tax authorities. A form that is used to report taxable income with permitted deductions and exemptions and calculates his or her tax liability.
Bank statements for two to three months
Record log that shows your financial history, including all transactions – purchases, withdrawals, deposits or transfers.
Verification of current employer, position and income
Some lenders require proof of current employment for the reason being able to financially support a mortgage loan and other responsibilities a home requires.
Social Security and Disability payments (if applicable)
Your SSN is single handily the most important piece of government-issued identification an American citizen can have. Your SSN proves your identity and background history.
Dividend earnings
Dividends are payments made by a corporation to its shareholders, usually a distribution of its profits. When a company experiences a surplus, they are able to re-invest in the business and pay a portion of the profit to their shareholders. This is considered another source of income, which needs to be documented.
Bonuses
An amount of money added to an employee’s wage for good performance or on a seasonal basis. Also considered another form of income.
Debts
Financially owing someone or a company. Lenders will consider how much you already owe, then determine how much they can loan you.
Security Accounts
Are tradable financial assets. The term commonly relates to any form of financial instrument.
Takeaway
After gathering this information, your mortgage lender will be able to appropriately assist you. These documents are necessary to accurately evaluate your situation to get you the best loan possible.
Our goal is to make you happy and completely satisfied during this monumental milestone.
To avoid showing up empty handed, rescheduling appointments or frantically searching for documents, use this checklist to make your mortgage process a breeze.
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