Documents for Loan Application
Getting pre-approved will not take long if we have all of the documents needed to ensure a smooth process in obtaining financing.
Providing the following documentation:
Last 2 years Tax Returns and W2s (we need all of the schedules included in your tax return). If the return you submit has not been filed or was NOT filed on time please let us know as this can delay the financing process.
Most recent pay stubs covering one month period of time
Most recent months bank statements from checking, savings, mutual funds 401k etc. (need all pages of each statement even if they are blank)
Please provide these documents if applicable:
Documentation of any monetary obligations that don’t appear on a credit report such as child support, back taxes that are being paid in monthly installments, or loans that don’t appear on a credit report.
We will need the name and contact information of your home owner’s insurance company once you have a contract on a house.
Do’s & Don’ts Before You Close
DON’T acquire any additional lines of credit or make any large purchases on existing credit
DON”T change jobs without consulting us.
DON’T negotiate your contract with an allowance and expect to get money back at closing. Seller concessions are allowed to pay closing costs and prepaid items, but an allowance for repairs etc. are not allowed
DON’T make large NON payroll deposits without consulting your loan officer
DO bring a cashier’s check made payable to the title company for the amount of your closing costs
DO alert us if your salary or other compensation changes from what is documented on your loan application
DO acquire homeowners insurance with minimum coverage equal to the amount of your loan or the replacement value of the home.
DO keep documentation on any large and significant deposits into your bank accounts. A paper trail will be required to show the source of any large deposits.