Being prepared with the necessary documentation will expedite the mortgage loan process. Here’s a checklist, so you don’t forget what you’ll need to efficiently move the loan process along:
Real Estate Contracts ____ Purchase Agreement (for the purchase of your new home). ____ Sales contract (if you are selling a home).
Residence History ____ Past 24 months of residence with complete addresses. ____ Length of time you lived at each address. ____ Name of landlord and his/her address (if currently renting).
Employment History ____ All original pay stubs for past 30 day period. ____ Employers for the past two years with complete addresses. ____ Dates of employment for each job. ____ W2s for most recent two years. ____ Most recent tax returns (with all schedules) for past two years. ____ If there have been any gaps in employment, prepared explanations.
Financial History ____ Copies of most recent monthly statements for all loans and credit card balances. ____ Copies of most recent three months' bank statements for all accounts, stock brokerages, mutual funds, IRAs, Pensions, etc. ____ If you are self employed or received a 1099, your most recent tax returns for the past two years with all schedules and a year-to-date profit and loss statement and balance sheet. ____ If you own 25% or more of a corporation, the most recent corporate tax returns for the past two years with all the schedules and a year-to-date profit and loss statement and a balance sheet.
Current Real Estate ____ Property addresses. ____ Estimated market values of property. ____ Amount of monthly payment and outstanding loan balances (bring copy of most recent loan statement). ____ If you own rental property, your most recent tax returns for the past two years with all schedules and a current agreement.
Personal Property ____ Net cash value of your life insurance. ____ Year, make and value of all vehicles. ____ Value of your furniture and personal property.
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