Providing Documentation
Buying a home often requires getting a mortgage. Homebuyers must be open about providing documentation to loan officers for the best outcome. Some buyers may feel a bit encroached upon as though mortgage brokers are getting too personal but it is just a means to an end. Since lenders require certain documents, it is up to the loan officer to ensure buyers provide every necessary piece of paperwork. If a file is incomplete, it will slow down the financing process or worse yet, it could put the entire loan in jeopardy. Mortgage brokers want to ensure their clients close within a reasonable amount of time. These professionals can guide buyers and help them locate hard to find documents, putting them in a beneficial position when it's time for lenders to make final decisions.
Here are some of the documents a mortgage professional may need:
Income Information:
- Paycheck stubs for the last 30 days
- W-2 forms and personal tax returns for the last two years
- Applicable tax forms such as Schedule C or 1120S form (for self-employed)
- Leave and earnings statement (for active-duty military)
- Written verification of any other income sources
Residence Information:
- Personal address(es) for the last two years
- Landlord contact information (if applicable)
Debt Information:
- All outstanding loans and credit cards
- Creditor's name, your account number, monthly payment and balance
Down Payment Information:
Last three month's statements for the following:
- Bank accounts
- Asset accounts
- Investment accounts
- Retirement accounts
Information About the Property:
- Purchase contract
If a Planned Unit Development, Condominium or Co-op:
- Name of development or project
- Phone number of homeowner's association
- Bylaws and recent financial statements
Other Information:
- Bankruptcies, judgments or liens against you
- Divorce or child support documentation
Next: The Home Inspection
