I’m going to meet with the loan officer tomorrow. To avoid making several trips, what information should I take with me?
Were you ever a Boy Scout? “Be Prepared” is the Scout’s motto; but it makes a lot of sense to approach your loan application being prepared. No matter how exhaustive the list, there may well be a request for additional information. But let’s cover the likely things to begin with.
Every Mortgage Loan Applicants will need to provide the following:
Identification Generally, a copy of a valid Driver’s License with Photo serves to meet this requirement. Other forms of ID can be used, such as Military ID, Passport, etc.
Additionally, a valid Social Security Card will be required. If you do not have your card, call the lender and asked what they require.
Employment/Income The most recent months’ Pay-stubs, last 2 years W-2s [all jobs on all applicants]. Additionally, Employers’ Names, Addresses, Phone numbers, dates of employment, position, and monthly pay. Provide on all employers in past two years.
If self-employed, receiving commissions, bonuses, or tips/gratuities, etc., you will need the most recent two years personal tax returns. Business owners probably need two years Business returns, as well. Complete Returns—all schedules included.
Evidence of Assets Most recent two months Bank Statements on all accounts: Checking, Savings, Money Market, IRAs, 401Ks, Keoghs, etc. Include all pages [even blanks]. If numbered “8 of 8”, there should be eight pages.
Retirement, Social Security, etc. require copies of AWARD Letters.
Legal Documents Real Estate Deeds, Divorce Decrees & Settlement Agreements, Foreclosure or Deed-in-lieu, Bankruptcy Papers, Tax Lien Releases, Evidence of Paid Collections, Judgments, Repossessions, and Back Child Support, etc. may be required to resolve issues. If you recently paid-off a debt—you should provide proof.
Account Information Prepare a list of monthly debts: include Name of Creditor, Monthly Payment, Balance and number of months remaining. This is on such things as car payments, installment loans, student loans, credit cards, furniture and jewelry stores, rent-to-own stores, and pay-roll deducted loans. Do not include insurance and doctors (for example); but do include child-support payments. Any Garnishments from wages must be included, as well. Sometimes, child-care is considered as a debt.
Money You probably will need to write a check at time of Application for the Appraisal and Credit Report. Call the Lender, ASK, and if so, How much? Generally, an appraisal & credit report run about $450-$500. This money and your Earnest Money count toward closing costs, but may not all be refundable—ASK.
REMEMBER This is a pretty detailed list, but is not exhaustive. Further, remember that you have the right to stop the interview, ask questions, seek additional counsel, and/or change your mind & leave. IF IT DON’T FEEL RIGHT—DON’T DO IT.
IF YOU HAVE QUESTIONS, FEEL FREE TO CONTACT ME.
R. FRED COPE / RELIANT REALTY (615) 587-3500