Getting a Mortgage? What to Expect in Today’s Environment

You’ve been pre-approved by a lender, put a contract in on a home and had it accepted. Exciting! Now it’s time to go forward with the mortgage application and get the lender all the necessary documents the lender requires. Below is a list of items to help you get a head start;

1) Copy of your driver’s license and social security card.

2) Copy of the ratified contract.

3) Last 2 years full tax returns with all schedules including w2’s and 1099’s if applicable.

4) Last 2 months full bank statements to all asset accounts (all pages) including retirement accounts. The statements must have your name, the bank name, and the account number.

5) Last 2 pay stubs.

6) You will need to list at least your last 2 years full employment history and address history.

7) Copy of diploma if you have graduated high school, college, or graduate school within the last 2 years.

8) Copy of divorce degree and separation agreement if applicable. If you are using alimony or child support income then you will need proof of last 6 months receipt. This can be either cancelled checks or bank statements showing monthly receipts.

Here are a few tips to help expedite the process.

1) On your bank statements, if you have a deposit that is more than 50% of your monthly income then you will need to source the deposit.

2) Don’t open up any new credit accounts during the mortgage application and use your credit cards as little as possible.

3) If you go out of town during the application make sure the lender can get in touch with you.

Getting a mortgage can be stressful but if you are prepared and know what to expect the stress will be reduced. You may feel that the lender is being too picky and asking for everything under the sun. But when hundreds of thousands of dollars are at stake you can see why the lender might get picky. So be prepared and patient and things should be smooth.

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1 Comment

Filed under Regulations

One response to “Getting a Mortgage? What to Expect in Today’s Environment

  1. Karen Kehoe

    Thx

    Karen J Kehoe, Assoc. Broker
    RE/MAX 100% club, Hall of Fame
    ABR,CRS,CDPE, CLHMS,SRES
    RE/MAX. Regency -Charlottesville
    http://Www.Move2VA.com
    Kehoe@Move2va.com
    434 249 5836 cell
    800 818 7629 tollfree

    877 733 7046 toll free fax
    Licensed assoc broker in commonwealth of VA

    Access 24 hrs 7 days
    Put 30+ years of real estate to work for you

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