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Complete Your Mortgage Application Diligently
A mortgage application makes the whole case to the lender that you are a good credit risk, and that you will repay the home loan as agreed. Some of the factors the bank would like to consider include how much money you earn, how much you have on hand in the event of an interruption in salary, and how you have repaid other debts previously. Most of this information comes from your credit track record, but a good portion of it will be revealed by the documentation included in your Orlando home loan application.
Listed here is a list of all of the items you are likely to be asked for:
* Income Documents - Your most current payroll check and W-2s from the past two years. Often you may be asked for copies of your tax statements, specifically if you are self employed or earn a big percentage of your compensation as commission or a bonus. If you acquire income from another source like social security, a pension, alimony, or child support you'll be asked to record that as well.
* Asset Documents - Your two most current statements for checking, savings, and investment accounts. This can consist of retirement accounts like an IRA, Roth IRA, or a 401k. Make sure you include all the pages of each and every statement, even those that read "this particular page purposely left blank." That is the only way for those going over your application form to ascertain that there isn't any pertinent information on those pages. If you own any additional real estate property you will also be asked for information on those properties.
* Identification - Your driver's license, social security card, and evidence of immigration status (if applicable.)
* Loan Details - A copy of the purchase contract and earnest money deposit in the case of a purchase. For a loan refinancing the approximate loan amount to be paid back.
* Depending on your specific circumstance you may be asked for additional documentation, like a divorce decree, separation papers, a gift letter if utilizing gift funds to pay all or part of an advance payment, a business license if independently employed, or an offer letter if starting up a new job.
Always provide copies instead of originals of all important documents while filling in your mortgage application. This will save you the trouble of having to wait for the original documents to be given back to you, and you can actually provide another copy in the event something is inadvertently misplaced.
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