To apply for a mortgage loan, you will have to provide your lender with some personal financial information. The following check list covers most of the types of information you and any co-borrower will need to supply.
Some lenders have slightly different information requirements, so you should ask your lender what to bring to your initial loan interview.
Social Security Number and Birth Date
Your social security number and birth date and those of any co-borrowers. (so the lender can check your credit)
Paycheck
Your most recent pay stub showing year-to-date earnings.
W-2 Tax Forms
Your W-2’s for the past two tax years.
Employers
The names, addresses and telephone numbers of your employers for the past two years.
Accounts
You will need the account number and current balance of your checking account, savings account and any other accounts that you have.
Current Assets
Individual retirement accounts (IRA’s) certificates of deposit, stocks and bonds. If you own securities, your lender may require a current brokerage statement with name of the stock(s), amount per share, and number of shares owned.
Personal Property
Value of personal property, including life insurance face value, employee retirement accounts, furniture, cars, collections and other valuable property.
Liabilities
For each loan, provide the lender with the name and address of each creditor and include both the monthly payment and total amount due. Liabilities would include auto loans, student loans, credit cards, and other installment debts.
Current and Previous Addresses
If you now own a home you will need the property address, current market value, mortgage lender name, account number, current monthly mortgage payment, and outstanding balance due. If you rent, you will need the property address, name and address of the landlord, current monthly rent, and previous address/landlords, if you lived in your current rental for less than two years.
Agreement to Purchase
If you have already completed an Agreement to Purchase on a home, bring along the signed copy of that agreement or any amendments to it, and a legal description and earnest money receipts toward that property.
You're not required to provide the above documents in order to get a Loan Estimate. To receive a Loan Estimate, you need to submit only six key pieces of information:
Your Name
Your Income
Your Social Security number
The address of the home you plan to purchase or refinance
An estimate of the home's value
The loan amount you want to borrow
Tip:
It's a good idea to request Loan Estimates from several lenders. Then compare your options and choose the best loan for you. Each lender is required to send you a Loan Estimate within three business days of receiving your six key pieces of information.
After you review your Loan Estimates, your next step is to notify your chosen lender that you are ready to proceed with the loan application. If you don't notify a lender that you'd like to proceed within 10 business days, the lender may revise the Loan Estimate or close your application as incomplete and you may need to start over.
