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Preparing For The Lender

One of the first steps a new buyer should take, is finding a mortgage lender who can assist them with the financing required for their home purchase.  Being well organized and prepared will help your lender underand your financial position and assess your qualifications as a buyer.  Be honest with your lender.  Different situations reqeuire different solutions, and your lender needs a clear picture of your financial situation to help you as best as possible.  The lender will obtain and review all of the needed documents to prequalify you, ensure you meet strict lender guideliness, generate a pre-approval letter to your realtor when needed and can submit a loan to a targeted lender quickly once you get into contract.  Below is a list of what you will need to provide to a lender prior to obtaining a loan:

Personal Information

  • Full names of all purhcasers as they are to appear on title
  • Social security numbers of all purchasers
  • Present residence address for all purchasers
  • Previous address for all purhcasers going back two years if they have not resided in the present home for two years
  • Home, office & cell phone numbers

Employment Information

  • Present Employer:  Name, address and a contact person to send employment verification form
  • Explanation for any gap during two-year history
  • Relocation letter for any transferees including date, salary, new location, and any relocation beneftis
  • Previous Employer:  Name, address, and a contact person going back 2 years if not in present job two full years
  • Present Salary:  Two years' signed federal tax returns and W-2s and/or 1099s
  • If Self-Employed:  Two years' signed fedderal individual and corporate returns (if applicable).  Also a profit and loss statement and balance sheet.
  • Diploma or transcript if student during two-year period.

Other Income

  • Rental Income:  copy of lease which is current and at least one year in length
  • Alimony and Child Support (only if used for qualification):  Copy of divorce decree and property settlement (ratified) setting out terms.  Proof of payment will also be requested at application
  • Income from Noes Held:  A copy of the ratified note
  • Retirement, Social Security and Disability Income:  Copy of award letter and latest check showing amount of present payment.  Copy of end-of-year statement if applicable

Assets

  • Bank Accounts:  Name of bank, address, account numbers, types of accounts, and present balances.  With checking, use average balances
  • Copy of two most recent statements of all accounts
  • Stocks and Bonds:  Copy of certificates or copy of recent (within 30 days) broker statement listing the holdings
  • Life Insurance:  Cash value, only if being used for down payment
  • Vehicles:  Year, make and value.  Copy of title if under four years old with no outstanding lien
  • Real Estate:  Address and market value.  If free and clear, deed of release, deed or mortgage payoff
  • Present Home:  Copy of sales contract, settlement sheet and/or lease
  • Gift Letter:  Form will be provided by financial representative.  Donor capactiy must be verified.  Receipt of funds must be shown in account

Liabilities

  • Credit Cards:  Account numbers and outstanding balances
  • Loans (auto, mortgage, personal, student, etc.):  Name of institution, address, account numbers, outstanding balances, monthly payments, months left on loan.  Copy of next payment coupon.  12 months' statements or canceled checks for present mortgage
  • Alimony and Child Support:  Copy of ratified decree and property settlement setting out terms