Congratulations on the purchase of your new home!
Obtaining financing to purchase a home will generally begin before you find your dream home. Savvy home buyers will get prequalified by a licensed mortgage professional before they visit the first house.
After you have been prequalified, ask the loan officer for a list of all the information and documentation that is needed when you apply for a loan. This is also a good time to ask if getting pre-appoved is a good idea for your circumstances. In all candor, providing all the application information and documentation on the day you apply for the loan is generally just as effective as getting pre-approved. A well qualified loan officer can discuss the advantages and disadvantages of getting pre-appoved.
Speaking of the application and loan documentation, you will be asked for a lot of documentation. Some of it may not make sense to you as to why it is being requested. Frankly, some documentation requested is more about fraud control than your ability to make the payment.
Bottom line, 'roll-with-the-punches' and get the information requested to the loan officer or processor as fast as you can. Make sure that the documentation is complete and not missing any pages.
You will save yourself a lot of stress, anxiety, and time by quickly getting the information and documentation as requested. If you simply don't have what is requested ask for an alternative. Your loan officer and processor are there to help you and they want to get your loan approved and closed as quickly as possible.
The following information is collected with the loan application to expedite loan approval. Your circumstances may require other information.
Information generally needed to approve a loan:
If any of the applicants are self-employed, complete individual and corporate tax returns covering the last two years and a year-to-date income statement and balance sheet will generally be required.
* If 25% or more of the applicants income is derived from commissions, bonuses or overtime, complete individual tax returns covering the last two years will generally be required.
Provide the following names, addresses & account numbers as applicable: