Required Documentation for the Loan Process

[av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’border-extra-arrow-down’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=” bottom_border_style=” custom_arrow_bg=” id=” color=’main_color’ custom_bg=’#2388c2′ src=” attachment=” attachment_size=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av_element_hidden_in_editor=’0′]

[av_one_full first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’ animation=” mobile_breaking=” mobile_display=”]

[av_heading heading=’Required Documentation for the Loan Process’ tag=’h1′ style=’blockquote modern-quote’ size=’50’ subheading_active=” subheading_size=’18’ padding=’10’ color=’custom-color-heading’ custom_font=’#ffffff’ av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
We are here to serve you by answering your questions and assisting you in a friendly, courteous manner as you navigate through the mortgage loan process.
[/av_heading]

[/av_one_full][/av_section][av_section min_height=” min_height_px=’500px’ padding=’default’ shadow=’no-shadow’ bottom_border=’no-border-styling’ bottom_border_diagonal_color=’#333333′ bottom_border_diagonal_direction=’scroll’ bottom_border_style=’scroll’ scroll_down=” custom_arrow_bg=” id=” color=’main_color’ custom_bg=” src=” attach=’scroll’ position=’top left’ repeat=’no-repeat’ video=” video_ratio=’16:9′ video_mobile_disabled=” overlay_enable=” overlay_opacity=’0.5′ overlay_color=” overlay_pattern=” overlay_custom_pattern=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av_element_hidden_in_editor=’0′]

[av_textblock size=” font_color=” color=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]

Most often home buyers are getting pre-approved for their financing:

Mortgage consultants help gather all of the information necessary to arrange for a credit approval, called a preapproval. This puts the buyer in a much better negotiating position when they find a home to their liking. In a competitive market, there are often multiple offers on properties. Sellers are looking for the strongest offer to accept, and would rather not have to wait for the buyer to arrange financing.

Documents to bring to a loan application when purchasing a home:

The difference between a pre-approval and a loan application is that there is no specific property when a preapproval is completed, and there is a property when a loan application is completed. So if you’ve already found a specific property you want to buy, the first thing to document is the address of the property. For this we need a copy of the contract, with all the riders. To document the identity of the home buyer, we need a valid driver’s license or other valid government photo identification.

[/av_textblock]

[av_iconlist position=’left’ iconlist_styling=” custom_title_size=” custom_content_size=” font_color=’custom’ custom_title=’#2388c2′ custom_content=” color=’custom’ custom_bg=’#2388c2′ custom_font=’#ffffff’ custom_border=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=” admin_preview_bg=”]
[av_iconlist_item title=’RESIDENCY’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’]
Next we will ask the home buyer about their past two years residency. For this, the documentation required is either a copy of a leaser if they are renting, a copy of canceled checks if paying a relative or a mortgage history if the home buyer is living in a home that they are planning on selling or renting, which also may require a copy of a lease on the property with at least one payment. If the home buyer is selling their current home, the listing and eventually the closing statement will be required.
[/av_iconlist_item]
[av_iconlist_item title=’INCOME’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’]
For income, we’ll need the last two paycheck stubs, and the last two years of W2’s, last two year’s Federal Tax Returns filed, for both personal and business (if applicable). If the homebuyer is either
paying or receiving a form of maintenance or child support, a copy of the order or divorce decree may be required.
[/av_iconlist_item]
[av_iconlist_item title=’ASSETS’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’]
To document assets, we’ll need the most recent bank statement from all accounts. Any other asset accounts the home buyer would be using for closing or cash reserves, such as a 401k or an IRA, mutual
funds, or any stocks and bonds.
[/av_iconlist_item]
[av_iconlist_item title=’LIABILITIES’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’]
We must document liabilities. We will need the monthly bills: utilities, phone, cable and internet (which will usually appear on the credit report, but its good to have them anyway), and any credit card
debt or outstanding bank loans.
[/av_iconlist_item]
[av_iconlist_item title=’MISCELLANEOUS’ link=” linktarget=” linkelement=” icon=’ue812′ font=’entypo-fontello’]
If the home buyer has had bad credit, we’ll need letters of explanation and back-up documentation. If the home buyer has filed a bankruptcy papers including petitions, list of creditors and discharge. If the property is a condo or has an association, we’ll need a name and phone number. If the home buyer is a veteran, we’ll need the DD214
[/av_iconlist_item]
[/av_iconlist]

[/av_section]essay writing serviceessay writing