Fill Out Your Mortgage Application Attentively
A mortgage application makes the case to the lender that you are a good credit risk, and that you will repay the home loan as agreed. Some of the things the lender would like to take into consideration include how much money you earn, how much you have in hand in case of an interruption in cash flow, and how you have repaid other debts in the past. Much of this information comes from your credit track record, but a large amount of it will be revealed by the documents included in your Orlando mortgage application.
Listed here is a list of the items you are likely to be asked for:
* Income Documentation - Your most recent payroll check and W-2s from the last two years. In some instances you could be asked for copies of your tax returns, specifically if you are self employed or earn a large portion of your compensation as commission or a bonus. If you acquire income from another source for example social security, a pension, alimony, or child support you'll be asked to record that too.
* Asset Documentation - Your two most current statements for checking, savings, and investment accounts. This can include retirement accounts such as an IRA, Roth IRA, or a 401k. Make sure you include each of the pages of each and every statement, even those which read "this page purposely left blank." That is the only way for those reviewing your application to ascertain that there isn't any relevant information on those pages. If you own any additional real estate property you will also be asked for details of those properties.
* Identification - Your driver's license, social security card, and proof of immigration status (if applicable.)
* Loan Details - A copy of the purchase contract and earnest money deposit in the case of a purchase. For a refinance the approximate amount of the loan to be paid back.
* Depending on your particular situation you might be asked for additional documents, like a divorce decree, separation papers, a gift letter if using gift funds to pay all or part of a down payment, a business license if self employed, or an offer letter if starting up a new job.
Always give copies instead of original copies of all required documents while filling in your mortgage application. This will save you the trouble of having to wait for the original documents to be returned to you, and you'll be able to provide another copy in the event something is accidentally misplaced.
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