Fill In Your Mortgage Loan Application Mindfully
A mortgage application makes the case to the bank or lender that you are a good credit risk, and that you will payback the home loan as agreed. A number of the factors the lender will want to take into consideration include how much money you make, how much you have in hand in case of an interruption in income, and just how you have paid back other debts previously. Much of this information comes from your credit report, but a large amount of it will be shown by the documents included in your Orlando mortgage application.
Here is a list of all the items you'll probably be asked for:
* Income Documents - Your most recent paycheck and W-2s from the last two years. In some instances you might be asked for copies of your tax returns, particularly if you are running your own business or receive a big portion of your compensation as commission or a bonus. If you receive income from another source for instance social security, a pension, alimony, or child support you'll be asked to document that too.
* Asset Documentation - Your two most recent statements for checking, personal savings, and investment accounts. This might consist of retirement accounts such as an IRA, Roth IRA, or a 401k. Be sure to include each of the pages of each statement, even those which read "this page intentionally left blank." This is the best way for those going over your application to determine that there isn't any relevant information on those pages. If you own any additional real estate 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 Information - A copy of the purchase written agreement and earnest money deposit in the case of an acquisition. For a loan refinancing the approximate amount of the loan to be paid off.
* Depending on your particular situation you might be asked for additional documents, such as a divorce decree, separation papers, a gift letter if employing gift funds to cover all or part of an advance payment, a business license if self employed, or an offer letter if starting a new job.
Always give copies rather than original copies of all required documents when filling in your mortgage application. This will help you save the trouble of having to wait for the original papers to be given back to you, and you'll be able to provide another copy in case something is accidentally misplaced.
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