Tips


Mortgages

The following information & documents may be needed throughout the mortgage process:

– Valid Photo ID (license or passport)
– Divorce Decree and/or bankruptcy papers and/or child support orders (if applicable)
– Letters of explanation for credit events
– Trust agreements (if using trust assets or closing in a trust)
– Current pay stubs showing year to date earnings. (past days)
– Social Security or Pension Award letters (if required)
– Your tax returns for the past 2 years (if applicable)
– 1099’s for the past 2 years (if applicable)
– K-1’s for the past 2 years (if ownership in business)
– Business tax returns for the prior 2 years (all pages- if own more than 25% of business)
– Bank statements for the past 2 months (all pages)
– Investment account statements for the past 2 months (all pages)
– Retirement account statements for the past 2 months (all pages)
– Sale contract if applicable
– Name and number of homeowner’s agent
– W-2’s for the past 2 years
– DD214 (if applying for a VA loan)

If you own real estate:

– Mortgage account information
– Home insurance policy information and tax information
– Any applicable lease agreements

Once you’re approved:

– NEVER quit or change jobs.
– NEVER make a large purchase on a credit card or using store credit.
– NEVER apply for credit anywhere else or allow anyone to check/pull your credit.
– NEVER make an unusual or large bank deposit / withdrawal since doing such could be a red flag to the credit review processor for your loan.
– REMEMBER that your credit score WILL be checked again right before closing.