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Complete Your Mortgage Loan Application Form Attentively
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 lender would like to take into consideration include how much money you make, how much you have on hand in the event of an interruption in income, and how you have paid back other debts in the past. Much of this information comes from your credit track record, but a large amount of it will be shown by the documentation included in your Orlando home loan application.
Here is a list of the items you'll probably be asked for:
* Income Documentation - Your most recent payroll check and W-2s from the last two years. In some cases you may be asked for copies of your tax statements, particularly if you are self employed or receive 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 document that as well.
* Asset Documents - Your two most recent statements for checking, savings, and investment accounts. This might include retirement accounts such as an IRA, Roth IRA, or a 401k. Make sure you include each of the pages of each statement, even those that read "this particular page intentionally left blank." That is the best 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 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 amount of the loan to be paid back.
* Depending on your particular scenario 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 self employed, or an offer letter if starting up a new job.
Always give copies rather than 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'll be able to provide another copy in the event something is accidentally misplaced.
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