Loan Application Checklist

Before you apply for a mortgage loan you will need to have a few documents ready or else you might just be wasting your time (and the loan officer's time as well.) Here is a list of the document that you should have with you.

Identification

Picture ID such as Driver's License/State ID/Militay ID and Social Security Card

If applicable, copy of front and back of Green Card

Name and complete address(es) of all landlords for the past 2 years

A check to cover the cost of credit report and appraisal

Income

Paystubs for most recent 1 month period

W2s for last 2 years

Tax returns for last 2 years

For Self-Empoyed applicants...

     Personal, partnership, S-Corp and/or corporate tax returns for the last 2 years (including all schedules and K-1s)

     Current signed and dated, YTD financial statements including Balance Sheet and Profit & Loss statement

Social Security Award Letter, if applicable.

Child Support Letter/Decree, if applicable.

Retirement/Pension Award Letter, if applicable.

Assets/Liabilities

Last 3 months statements for Checking, Savings, Brokerage, Money Market and Retirement accounts etc

Name and address for all creditors or most recent 1 month statement. Include account numbers, monthly payments and balance owed. Loans that are sometimes overlooked include student loans, personal loans, credit union /bank loans, car loans and even your mortgage loan when refinancing.

Child Support Letter/Decree, if applicable.

Miscellaneous Items

Copy of ratified contract, if applicable.

Copy of cancelled earnest money check, if applicable.

Copy of Divorce Decree, Separation Agreement and all addenda for divorced parties. If divorce is not final, provide a copy of the temporary orders.

Copy of Bankruptcy Discharge and Schedule of Creditors, if applicable.

If refinancing, bring previous Settlement Statement/Hud1, Note, Homeowners Insurance Policy and Survey.

If you have no established credit history, supply the lender/loan officer with 12 months (or as many as you can find) cancelled checks for rent, utilities and other recurring obligations to show payment history and amount of debt. The lender may also ask you where you got your downpayment. If it is a gift from a relative bring a gift letter and a copy of the check or deposit slip. The gift letter states that the money does not have to be repaid.

Having these items on hand when you visit your loan officer will help speed up the application process.