| 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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