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What documents will you need to bring at the time
of the Mortgage application?
Here is a
Check List for You to follow:
Property
-
A
copy of the sales contract signed by the buyer and seller and any
addendum's.
-
The
names, addresses and phone numbers for all Realtors and Attorneys
involved.
-
If
your home is currently on the market, we will need a copy of the
listing or signed sales contract.
-
Name,
address and phone number of landlords for the last two years.
Income
- Copies
of W-2 forms for the last two years for both full and part time
employment.
- Copies
of pay stubs from the last month current pay period for both full
and part time employment.
- In
order to verify employment please check with your employer's human
resources department to find out the procedure we will need to follow
(employee pin #., etc.).
- Names
and addresses of employers for the last two years.
- If
self-employed bring copies of the last two years' Federal Tax returns
with all schedules and a year to date profit and loss statement.
Source
of Funds and Down Payments
- Copies
of bank statements for all accounts (Savings, Checking, etc.), covering
the past three months.
- Copies
of the most recent statement for Stocks, Bonds, 401K, money market,
etc.
-
Copies of all transactions involved in down payment (bank statements,
transfer slips, selling of stocks, cashing in 401K - repayment schedule,
etc.).
- If
the existing home has closed already, we will need a copy of the
Settlement Statement you received at the closing.
- If
part of the down payment is coming from a gift, we need a gift letter
(we will provide) to be signed by the donor(s).
Miscellaneous
Information if Applicable
- Divorce
Decree
- Bankruptcy
Papers and Discharge
Papers
- 12 months
proof of Child Support, Alimony, Disability, and or Social Security
Benefits.
- Copy of Green Card or Visa
- Permanent
Resident Alien Card.
Refinancing
Needs
- Hazard
Insurance - one year paid policy required at the time of closing,
unless you have 6 (six) months life remaining on the policy.
- Escrow
Accounts: Taxes and/or Insurance. Escrow accounts do not transfer
to the new account, you have to start a new escrow with the new
lender for as many months that are needed. You current mortgage
lender will refund your escrow account(s) approximately 30 days
after your closing with the new lender.
- Interest
Per Day - When you close on the new mortgage your payment will be
one month in arrears. For example: you June payment is for the month
of May. If you close on your new loan July 15, the remaining 16
days of July you will be charged interest only. Your next payment
with the new lender will be on September 1.
If you have any questions please call us
at 847-439-9900 to speak with a loan officer.
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