Mortgage Purchase
Here is a list of some of the items and information you’ll need when completing your mortgage application:
- Your current residential address or addresses for the past two years
- Social Security Numbers for all borrowers
- Employment history for the past two years (including employer name, address, and phone number)
- Income information for all borrowers (including salary, overtime, bonuses, commissions, interest/dividends, retirement, and any other regular income sources)
- The price of the home you’re buying, how much of a down payment you have, and how much you’ll need to borrow
- The address of the property you’re planning to purchase
- Bank and brokerage account information (including the institution name and current balances)
- If you own any real estate, we’ll have some basic questions (including address, current market value, the amount you owe, any rental income you might receive, and your monthly payment amount)
- Information about your current debts (including name of the creditor(s), account numbers, current balances, and your monthly payment amount
Mortgage Refinance
Based on the type of refinance you’re doing, some – or even most, of the items on this checklist may not be necessary.
- Your current residence address or addresses for the past two years
- Social Security Numbers for all borrowers
- Employment history for the past two years (including employer name, address, and phone number)
- Income information for all borrowers (including salary, overtime, bonuses, commissions, interest/dividends, retirement, and any other regular income sources)
- The year you purchased the property being refinanced, its original cost, current loan balance, and payment amount
- Bank and brokerage account information (including the institution name and current balances)
- If you own any real estate (other than the property you’re refinancing) we’ll have some basic questions (including address, current market value, the amount you owe, any rental income you might receive, and your monthly payment amount)
- Information about your current debts (including name of the creditor(s), account numbers, current balances, and your monthly payment amount
VA Loans
The following documents will need to be collected and used to fill out the mortgage application:
- Certificate of Eligibility – This will give the dollar value of the veteran’s “Entitlement.” In the absence of this information, it will default to the “Maximum Entitlement” of $36,000 for loans up to $144,000 and $50,750 for loans over $144,000
- Pay Slip – This will provide information to fill out the income and tax fields for VA applicants
- Property Tax Statement – Can be used to state the monthly property taxes (a defaulted value will be given, which can be overridden)
- Property Insurance Bill – Can be used to state the monthly insurance (a defaulted value will be given, which can be overridden)