Ladies and Gentelmen The things you will need for a mortgage loan are really not that hard. Too many people out there think they can’t qualify for a home loan. Don’t let the fear of going through the loan process keep you from getting the home of your dreams. Listed below are the things you’ll need before you apply.
I say you’ll need these things before you apply because it’ll make your Loan Guy “Me” a happy camper. The easier you make my job, the easier it’ll be to approve you for a loan. Let’s Take A Look At What You’ll Need!
1. Last Two Years Full Tax Returns: This is not a Request Or Suggestion. There is no way around it so please don’t ask. Yes I’ll Need All Pages. If it’s 200 Pages, we’ll need 200 Pages. Sorry, but the underwriter will notice page 97 missing, so please make it easy and just get it to us.
2. Last Two Years W2’s: Unless you are self employed and don’t have a W2, this is another Non-Negotiable. This day and age you can pull this from your company’s website. If you just happened to lose them. Simply contact your Human Resource Department and they can get these to you.
3. Last 30 Days Of Pay-stubs: Depending on how you get paid the number of pay-stubrequirements could vary. If you are paid once a week, I’ll need to get your last months worth. If you are paid twice a month I’ll only need the last two.
4. Last 2 Months Bank Statements: We will need to gather the last two months of Bank Statements from you as well. We need this in case that you need to bring money to closing. If you are purchasing a home, this account should be the account you plan on using the down payment for. If you put you earnest money down from a different account, I’ll need two months of that account as well. Again this is a non-negotiable if you purchasing a home. If you are refinancing and you don’t need any money out of pocket for closing, the bank statement “may” be optional. I’ll always make the determination of if we need them. However, some loans require reserves and if they do, it’s a Non- Negotiable.
5. The last few are pretty basic items so I’ll list them out together. Obviously you’ll need Home Owners Insurance. Just whoever you plan on using. If you need a good agent, Of Course I’ve got some connections. Copy Of Your Current ID. Believe it or Not It has To be Current.
I understand that it may be scary, but these are just some basic items that you’ll need to get your loan approved. Each loan is different and could also require a specific document. To make your life easier, be ready to provide any documentation that we request. It makes the process a lot smoother when we can get information as soon as possible. The faster you respond, the faster we can close your loan.