What information do we need to supply the possible lender?

 

Credit report
 

Get your credit report six months before you plan to apply for a mortgage so you can fix any problems. It is a good idea to obtain this report from the companies that the lender will use, the three major reporting agencies are Equifax, TransUnion, or Experian. There is a fee involved for using these services, but it may save time and money later.
 
Identification

Be sure to bring ID in the form of Driver's license and Social Security Cards for all signers of the loan. You will also need to supply your current address and telephone number, as well as your employer's name, address and telephone number.

 
Property tax statements

Be sure to supply property tax statements from the previous year
 
Proof of income

Your last W-2 forms, and tax returns for two years.
At least your last two pay stubs, possibly two months worth.

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Proof of assets
Provide a list of bank account numbers along with the address and telephone number of your branch bank, as well as statements for the past two or three months, some institutions may require up to six months.
Provide a list of savings bonds, stocks or other investments along with their approximate value in the form of statements for the last month.
Provide copies of any motor vehicle titles that have been paid off.
 
Provide a report on your debts
Credit card statements for the past three months showing low balances.
Car loans, furniture loans, student loans and other installment loans and cosigned loans, monthly statements or payment books.
Provide creditor addresses and phone numbers
Provide evidence of mortgage or rent payment history

Provide copies of child support or alimony payments

 
Provide information about the purchase
Provide a copy of any contracts that are signed for the purchase
If you have made a deposit, a copy of the cancelled check is also good to have.

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Be ready to explain where the down payment will come from.
The lender may request information about where the down payment will come from, so be ready to provide that information.
Sources for down payments can be savings, stocks and bonds, mutual funds, employee savings plans, IRA* accounts, etc.
If the down payment is a gift from a relative, bring a copy of the gift letter and gift check.
You may be able to use a Pledged Asset Mortgage, in which someone pledges an asset that equals up to 30 percent of the loan amount.

Be sure to ask your lender about any questions on down payments.

*Check with your financial advisor, you may encounter penalties.

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This information is provided as a service of Owens & Company Real Estate. It is meant for general information purposes only and is not a guarantee of approval or qualification for a loan. Check with your lender for their rules and requirements.
 

 

Copyright © 2002 Owens & Company Real Estate.