Have you been thinking about buying a house but find the process overwhelming? Don’t feel alone, if I wasn’t in the mortgage industry, I wouldn’t know where to start either. There is some preparation involved and if you aren’t organized, it can be very frustrating getting all the required documents ready. However, having all your ducks in a row can make the process smooth sailing for both you and your Mortgage Consultant.
For any mortgage loan you apply for, you will need the following items:
- W-2 forms from the previous two years – Typically, lenders will require the most recent Form W-2 wage and tax statement, but some borrowers are asked for two years of W-2s.
- Most recent paycheck stubs – Lenders are looking for one month of verified income. If your checks are electronically deposited, you should be able to acquire pay stubs online.
- Most recent federal tax return, and possibly the last two tax returns – You will need to provide ALL PAGES. Additionally, you will be asked to sign an IRS Form 4506 -T to allow lenders to request a transcript of your tax returns directly from the IRS to spot fraudulent income claims and limit loan losses.
- A complete list of your debts, such as credit cards, student loans, car loans and child support payments, along with minimum monthly payments and balances. (This will be used to figure out your debt-to-income ratio)
- Two most recent months of bank statements
- Other asset statements from the past two months for any CDs, IRAs, stocks, and bonds.
- Current real estate holdings, including property address, current market value, mortgage lender’s name and address, loan account number, balance and monthly payment.
ALL PAGES, EVEN IF THE LAST PAGE HAS JUST A PAGE NUMBER ON IT.
If there are any additional deposits made to your account, in addition to your regular income, be prepared to document where these funds came from.
You can control how smooth the mortgage process goes by being prepared. The faster you can get documents requested by your lender, the faster you can find out if you’ve been approved for your home loan and deal with any hurdles that may arise.
Mortgages Unlimited is a local mortgage company serving not only the Twin Cities but also, South Dakota and Wisconsin. Minnesota Housing programs are not available in South Dakota or Wisconsin. We work on the behalf of our clients ensuring they are getting the best possible loan while providing outstanding customer service.
Give one of our Mortgage Consultants a call @ 763-416-2600 if you are looking to purchase a home or refinance your existing home loan. Or you start a secure online application at www.muiapply.com.
This entry was posted in Helpful Tips, Home Mortgages, Mortgages Unlimited Bloomington Office and tagged best mortgage lender, fha loans, home loans, maple grove mortgages, Mortgage Consultant, mortgage loan officer, mortgages minnesota by Marilyn DiCharia. Bookmark the permalink.