Mortgage Application Checklist
Mortgage companies are notorious for asking for loads of verification. But with a little anticipation you can make the process easier on yourself. So before going to see your loan officer, gather the following items.
First you will want identification. Because of the Patriot Act, lenders are required to obtain a copy of your driver’s license and social security card or permanent resident alien card. When you make copies of these, try to make enlarged, color copies. Enlarging the copies will ensure that people can still read the information on the cards after being faxed numerous times.
Next you will want to gather your employment and income information. Gather together all of your W2s for the most recent two years. You will also need to provide your last full month’s worth of paystubs. Some companies allow their employers to print these out online. If you use online print outs, make sure they show your name and social security number. It is also a good idea to get the phone number for your Human Resources department. This will allow your loan officer to obtain the necessary verification of employment.
After employment information you will need to document your assets. Your loan officer will need the most recent two months worth of bank statements–ALL PAGES. I can’t stress this enough. All pages are needed. For investment or retirement accounts you will need to provide all pages of your most recent quarterly statement. Some people black out the account numbers on these statements. But chances are the mortgage company will require those numbers not only for your application but so that they can independently verify that you own those accounts and the accounts contain what you say they contain. Fraud is too prevalent for mortgage companies to not verify.
Last you will want to provide your loan officer with the name and phone number of your insurance agent. This will allow the loan officer to quickly obtain proof of insurance as well as an invoice for insurance that will be paid at closing.
By providing your loan officer will all of this information upfront, you will save yourself quite a bit of last minute scrambling. This will also help to ensure that your loan closes as quickly as possible.
Jul 25th, 2007 at 2:09 pm
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