Complete Your Mortgage Application Mindfully
A mortgage application makes the whole case to the bank or lender that you are a good credit risk, and that you will repay the home loan as agreed. A number of the things the bank would want to consider include how much money you earn, how much you have on hand in case there is an interruption in income, and how you have paid back other debts in the past. Most of this information comes from your credit track record, but a good portion of it will be revealed by the documentation included in your Orlando mortgage loan application.
Here is a list of the items you'll probably be asked for:
* Income Documentation - Your most current payroll check and W-2s from the past two years. In some instances you might be asked for copies of your tax statements, particularly if you are self employed or receive a large percentage of your compensation as commission or a bonus. If you get income from another source such as social security, a pension, alimony, or child support you'll be asked to record that as well.
* Asset Documents - Your two most recent statements for checking, savings, and investment accounts. This may include retirement accounts like an IRA, Roth IRA, or a 401k. Make sure you include all the pages of each and every statement, even those that read "this particular page intentionally left blank." That is the best way for those reviewing your application form to ascertain that there isn't any pertinent information on those pages. If you own any additional real estate property you will also be asked for information on those properties.
* Identification - Your driver's license, social security card, and evidence of immigration status (if applicable.)
* Loan Information - A copy of the purchase contract and earnest money deposit in the case of an acquisition. For a refinance the approximate loan amount to be repaid.
* Depending on your specific situation you may be asked for additional documentation, such as a divorce decree, separation papers, a gift letter if using gift funds to cover all or part of a down payment, a business license if independently employed, or an offer letter if starting up a new job.
Always provide copies instead of originals of all important documents when filling in your mortgage application. This will save you the trouble of having to wait for the original papers to be returned to you, and you can actually provide another copy just in case something is inadvertently misplaced.
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