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Assemble the Required Information
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Buying a Home
Mortgage Loan Interview Appplication Checklist
The following checklist covers many types of
information you and any co-borrower will need to provide during
your loan interview. Some lenders have slightly different information
requirements, so you may also wish to ask your lender what to bring
to your initial loan interview.
Normal Information
Social
Security Number and Birth Date
Your social security number and birth date and those of any co-borrowers.
Paycheck
Your most recent pay stub showing year-to-date earnings.
W-2 Tax Forms
Your W-2 tax forms for the past two years (these should be the original
tax forms sent to you by your employer).
Employers
The names, addresses, and telephone numbers of your employers for
the past two years.
Accounts
You will need the account number and current balance of your checking
account, savings account and any other accounts you have.
Current Assets
Current assets such as Individual Retirement Accounts (IRAs), certificates
of deposit, stocks, and bonds. If you own securities, your lender
may require a current brokerage statement with name of each stock,
price per share, and number of shares owned printed on the statement.
Personal Property
Value of personal property including life insurance face value,
employee retirement accounts, furniture, cars, collections, and
other valuable property.
Liabilities
For each loan, provide the lender with the name and address of each
creditor and include both the monthly payment and total amount due.
Liabilities would include auto loans, student loans, credit cards,
and other installment
debt.
Current
and Previous Addresses
If you are a current home owner you will need to provide the property
address, current market value, mortgage lender name, account number,
current monthly mortgage payment, and outstanding mortgage balance
due. If you rent, you will need the property address, name and address
of the landlord, the current monthly rent, and previous address/landlords.
(You'll only need to provide information about your former addresses
if you've lived in your current address for less than two years.)
Agreement to
Purchase
If you have already completed an Agreement to Purchase a home, bring
along a signed copy of that Agreement, and any amendments to it,
the legal description of property (such as block and lot number),
and receipts for earnest money or down payment deposits toward that
property.
What
Special Situations Require You to Supply Additional Information?
Lenders will require some applicants to supply additional information.
Check the list below to see if any of these situations apply to
you. For example:
Q. Are you self-employed or work on a commissioned basis?
A. You'll need to bring your federal tax forms for the past two
years, along with a current year-to-date profit and loss statement.
Q. Are you separated or divorced?
A. You'll have to bring a copy of your divorce decree and separation
agreement, plus documentation on any alimony or child support payments
you are required to make. If you're receiving alimony or child support
and want it to be considered as income, you'll need proof of this
income (such as the clerk of court’s history of payments or
canceled checks for the past 12 months).
Q. Are you including pension, disability, social security, or any
form of public assistance benefits with your income?
A. Bring a copy of an award certificate or a check from the issuing
agency.
Q. Do you have a bankruptcy,
a foreclosure,
or any judgments
against you over the past seven years?
A. Bring information on the proceedings. Information on bankruptcies
should include a copy of the bankruptcy discharge and schedule of
both debts and assets. Judgments against you should include an attorney's
letter that discusses the outcome of the proceedings.
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