Important Documents Your Lender Will Need From You. Yea. It’s a crazy list!
- Copy of your driver’s license or passport
- Proof of regular rental or housing payments
- Copies of your two most recent paycheck stubs
- Copies of your W-2’s from the past two years
- Copies of your federal tax returns with all schedules for the past two years – state not needed
Are you self-employed?
- A statement of year-to-date profit-and-loss for the business
- Copy of any corporate tax returns and K-1’s for the past 2 years
Proof of assets:
- Copy of all current IRA statements, stock and bond accounts, or any other retirement or investment accounts for the past 2 years
- Copy of current bank statements for each account for the past 2 months
- Documents on the value of personal property like automobiles
- Forms showing the face amount and value of life insurance policies
- Copy of lease agreement for all rental properties
- Copy of any student loan deferment letter or agreement reflecting the monthly payment
Additional documents you may need:
- If you are divorced, a copy of the final divorce decree
- If you have filed for bankruptcy, the complete bankruptcy paperwork including discharge paperwork
- If you are an active veteran, a statement of service, DD-214, and Certificate of Eligibility
Shopping Your Loan? Here are some good questions to ask…
Print out the following list and keep it on-hand as you start shopping for your home loan. Meeting with loan officers can be overwhelming — this way you won’t forget to ask important questions.
- Is the mortgage fixed or variable?
- If the loan is fixed, what is the interest rate or annual percentage rate (APR) of the loan?
- If the loan is variable, when does the rate change? And how is the rate change determined?
- How long are quoted interest rates good for?
- Is the Good Faith Estimate guaranteed?
- What are the escrow requirements for taxes and insurance?
- Is there a penalty for paying off the loan early?
- Do you allow extra principal payments?
- How long do funds, say for a down payment, need to be in my bank account before closing?
- What are all the closing costs? Will you provide a written list?
- Are any of the costs or fees negotiable, or capable of being waived?
- Which financial firm will service the loan?
- How long does the funding process usually take? Are on-time closings guaranteed?
- What changes, such as employment changes, should I avoid before the loan closes?
For questions or comments please contact Allycyn Bennett with United American Mortgage Company at 949-717-7290 or Abennett@uamco.com
To find out the current value of your home please visit http://GetMyHomeWorth.com