How to Prepare for Your Mortgage Application



Are you a first time home buyer? Or perhaps you have lived in your home for a while and it’s time for a move. As you might know, the lending process is a little more complicated than it once was, so anything to make the process easier sure would help, right?

Here’s a list of all the things you should have together when you are ready to apply for your home loan. You will not need such an extensive list for pre-qualification (highly recommended BEFORE you bigger your home search, find more info on pre-qualification at http://rachelonrealestate.com/post/top-4-things-buyers-need-to-know-about-pre-qualifying-for-a-mortgage ), but it’s a good idea to start organizing all these items, because your lender will need most or all of them once you have made an offer on your dream home.

  • Addresses for the last two years, along with names and addresses of landlords or financial institutions to whom you made housing payments
  • Employers for the last two years with addresses
  • Bank accounts - names, addresses, and account numners
  • Shares of stock owned - company names, number of shares, and value
  • Life insurance - face value, beneficiaries, and cash surrender value
  • Real estate owned - property address, market values, outstanding mortgages (if any), and mortgage company names, addresses, account numbers
  • If you have sold a home in the last two years, a copy of the closing statement and the recorded deed
  • Automobiles - make, model, present values, amounts owed, and lender information
  • Household furniture and personal items - including an estimate of their value
  • Other valuable assets or retirement accounts
  • Current liabilities - meaning credit cards, need creditor names, addresses, and account numbers, as well as current outstanding balances
  • Child care -expense amount
  • Child support payments or alimony - amount and duration
  • Insurance payments - amount of health, car, and life
  • Social Security numbers of all borrowers
  • Last 2 years tax returns, including commissions and bonuses
  • Self-emplyed profit and loss statements, balance sheets, and business tax returns
  • VA loan applicants - need either Form DD-214 or a Certificate of Eligibility
  • Checkbook to pay for the application fee, if applicable
  • Pay stubs for the previous 30 days, and W-2 forms for last 2 years
  • Canceled rent checks for previous 12 months if you rent
  • Final divorce statement if divorced
  • Sale agreement on your current home, if selling
  • Current mortgage information, if you have a mortgage

I hope this information helps get you prepared. Let me know if you are ready to buy you next home or sell your current one. I can also recommend some awesome lenders who will get the job done for you! Call or text anytime 843-424-0995. You’re WORTH it!

Rachel Tipton
KingOneProperties International
rachel@kingoneproperties.com
843-424-0995