Thursday, February 23, 2012

Things A Lender Needs From You

When putting together your mortgage application your lender will request documentation to verify the information stated on your application.  Here is a list of common documents they will request.  The more complet the application the quicker the approval.
  • Some of the documents they request are likely to include:Income documentation such as form W-2s, social security or pension statements, or tax returns.
  • Asset documentation such as statements from checking, savings, and investment accounts.
  • Documentation showing you are currently employed such as pay stubs. During underwriting the mortgage company will also call your employer to verify your employment and current salary.
  • Employment history going back at least two years.
  • Residence history going back at least two years.
  • Liability documentation showing all of your current debts. This can generally be found on your credit report.
  • Your current credit score. This can be found by pulling your credit report, which your mortgage representative will need your permission to do.
  • If using money given to you as a gift you may need a gift letter from the person giving the funds.
  • If you are self employed you may need a letter from your accountant with information on your income and the state of your business, as well as a copy of your business license.
  • If you are divorced or separated you may be asked to provide a divorce decree or separation agreement detailing the terms including any alimony or child support you are due to pay or receive.


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