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Before you meet with your mortgage lender, it is always best to be prepared.
The following outlines some of the basic information and documentation your
lender will need to start your mortgage application process.
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Employment Information
 Addresses for two full years
Gross monthly income
W-2's, if available
Proof of pensions, retirement, disability, social security, etc.
Proof of income from rentals, investments, etc.
Proof of child support of alimony paid/received
Year to date pay stub
If self-employed, you will also need:
Two years 1040 Tax Returns
Current year profit and loss statement
Creditor Information
Each creditor's name, address and type of account
Account numbers
Monthly payments and approximate balances
Amount of child care expenses
Banking Information
Names and addresses of saving institutions
Account numbers for all accounts
Type of accounts and present balances
Miscellaneous Information
List of assets in stocks, bonds, lands
Life insurance cash value (documented if used as cash down payment)
If applicant is using cash from sale of a home, a copy of sales contracts
Social Security numbers for all parties
Veterans- Certificate of Eligibility & DD-214
Cash or check to pay for application fee
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No matter which mortgage program you are considering (fha mortgage, va mortgage, conventional mortgage,
fixed rate, adjustable, etc.), it is very important to be prepared when you speak to a mortgage bank / lender.
Also, remember that in order to secure a mortgage, your mortgage lender / banker will run a full credit report which will
reveal any past credit issues, defaults, late payments, bankruptcies, etc. you have had so it is a good idea to
be completely up-front with them during your first meeting / discussion. Even if you have past credit issues there may
be a mortgage program that would work for you. Generally mortgages written for damaged or bruised credit will have
additional fees or perhaps a higher interest rate. While this does not sound very attractive, it is worth considering
just so you can get your foot in the door and think about refinancing at a later date. The key is to investigate all your
options and ask your Realtor® for their opinion or lender referrals. A qualified, experienced agent can generally
give you suggestions that are very helpful.
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Steve Hatfield, Realtor® provides real estate / home buying and selling services in Dearborn Michigan, Dearborn Heights Michigan, the Wayne County MI (Southeast Michigan) communities of Redford, Westland, Garden City, Livonia, Canton, Plymouth, Northville and the Oakland County cities of Farmington / Farmington Hills and Novi Michigan. | |
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In accordance with the law, the properties, real estate services and homes for sale featured on this web site are offered without respect to race, religion, color, creed, national origin, sex, physical limitations / disabilities or familiar status. |
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REALTOR® is a registered collective membership trademark that identifies a real estate agent / professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict code of ethics.
Century 21 Real Estate Corporation © and sm trademark and servicemark of Century 21 Real Estate Corporation. Equal Housing Opportunity. Each office Independently Owned and Operated.
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Copyright © 1996 - Steve Hatfield
COPYRIGHT NOTICE:
Graphics and content may not be reproduced or copied in any way with out written permission
from Steve Hatfield.
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