May 2015

ULTIMATE Mortgage Approval Checklist

ULTIMATE Mortgage Approval Checklist

(DOWNLOADABLE CHECKLIST AT BOTTOM OF POST)

So.  You’ve thought long and hard about purchasing your first home – Overwhelmed?  (Pretty much…)

No worries – no seriously!  Here are a few things you should bring when meeting with your lender to apply for a mortgage approval.

Mortgage Pre-Approval: Why You Need One

If there’s one thing that will save you time and heartache during the house hunt – this is it: A Mortgage Pre-Approval

A mortgage pre-approval letter is needed when you’re shopping around for homes and want to be considered a serious buyer.  It lets the real estate agent know your credit history, income and down payment reserves have been reviewed by a lender’s Underwriter that you will be able to obtain a loan up to a specific amount.  

This golden ticket will show the sellers of your dream home you mean business and all you need is just the initial 3 buckets of document items below (IdentificationIncome Documents and Proof of Funds) to get a pre-approval.

Check out our homebuying process to learn more about the 7 easy steps to purchasing a home.

Mortgage Approval Checklist: What You Need To Buy A Home

Everything’s easier when you group and categorize information together.  So now that you’ve found your home and signed the contract, here are the main documents you need to apply for a mortgage approval:

Identification(Need Copies of 2)

  • Driver’s License
  • Social Security Card
  • Passport

Income Documents (Copies of Most Recent)

  • 2 Paystubs
  • 2 Years of W2’s
  • 2 Years of Tax Returns

Proof Of Funds (Copies of Most Recent)

  • 2 months of Bank Statements
  • All current IRA Statements, Stock & Bond Statements or any other retirement or investment accounts
  • Any Lease Agreement for a rental property
  • Any Student Loan Deferment Letter or Agreement
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Self Employed Documents (Copies of Most Recent)

  • 2 Years of Business Tax Returns
  • 2 Years of 1099’s
  • Business License or CPA Letter

Additional Documents Needed

  • If you’re divorced – Final Divorce Decree Copy
  • If you’ve filed bankruptcy – Complete Bankruptcy Paperwork
  • If you’ve don’t have a credit history – Proof of regular rental or housing payments

And last but not least…

Explanation Letters

  • Credit Inquires
  • Derogatory Credit
  • Gift Letter
  • Source of Unusual Deposits
  • Evidence of Source of Deposit

There you have it – not too bad, right?  Start your Approval application off on the right foot and bring the following documents and/or any other documents your Home Loan Expert requests in a timely matter.  This will ensure a smoother and quicker process to get approved for your new home loan.

Get a FREE rate quote in 30 seconds or speak with a Home Loan Expert today at 888-562-2611.

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