Becoming Pre-Approved
January 8, 2010 by Jennifer
Filed under Getting a Mortgage
Information Needed for Your Mortage Application
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Copies of last 2 years W-2’s (for each borrower)
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Copies of most recent month’s paystubs (for each borrower)
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Copies of all assets: All pages of the last 2 or most recent quarterly statements including but not limited to savings, checking, money market, investment, retirement, 401K’s, etc. (for each borrower)
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Copy of the fully executed Contract of Sale including all pages and riders (once you have found a property)
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Copy of Driver’s License (for each borrower)
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If self-employed (Corporation, S-Corp, or Partnership), need copies of last 2 years personal and business Federal Tax returns (signed) including all pages and schedules for all businesses owned 25% or more.
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Copy of the listing on the property being purchased, if available.
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Checkbook/Money for Application fee (varies between lender.. $250-350)
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Names and addresses of landlord for past 2 years (if applicable).
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Names and addresses of employers for past 2 years.
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Copy of divorce decree, separation, or child support papers (if applicable).
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All bankruptcy and discharge of bankruptcy papers (if applicable).
Most buyers, especially first time home buyers, don’t realize all the information and paperwork need in order to get pre-approved for a mortgage loan. Now that new regulations have begun at the start of 2010, we need specific information if a customer wants a Good Faith Estimate in writing.
I always try to educate the buyers about what will be needed ahead of time, so your their pre-approval is accurate. This way they don’t have to worry about the mortgage loan, but focus on finding that home they want to buy!