Borrower Mortgage Checklist

Taken from AAXA Newsletter - 2006

If you are applying for a fully documented mortgage loan, you can use the following checklist to help you get a head start on the process. We recommend that you begin organizing the following information in preparation for your transaction. is straightforward, free, and only takes a couple of minutes.

Here is a partial list of what we may need to process your home loan:

• Completed Uniform Residential Loan Application. This can be done over the telephone, online, or by mail. We will send it to you to review and sign upon completion.
• Copy of your most recent pay stubs showing past 30 days worth of pay.
• If you are self-employed or a commissioned employee, most investors will want to see the last two years of your tax returns.
• If you have ownership interest in a Corporation or Partnership exceeding 25%, investors may require your business tax returns for the past two years - including a profit and loss statement and a corporate balance sheet.
• One to two months of bank statement (ALL PAGES – even the ones that say “this page is intentionally left blank”)
• Brokerage account and retirement account statements - if being used to qualify (ALL PAGES – even the ones that say “this page is intentionally left blank”).
• Copy of the Purchase and Sales Contract - if you are conducting a purchase transaction. The contract must be signed by all parties.
• The contact information for your insurance company and your settlement agent (attorney or title company).
• If you are part of a homeowners association, we will need the contact information of the person in charge of the HOA. Many lenders require that we have a condo questionnaire completed and that we verify that there is liability coverage in place over the common areas.
• A current mortgage statement is helpful for refinance transactions.
• If you want to subordinate your current second mortgage, we are going to need a copy of the note for the second loan. You will also need to ask your current lender to send us a copy of their subordination requirements.

We want to help make the mortgage process as simple as possible and following this mortgage checklist will get the ball rolling in the right direction. We seek to deliver peace of mind with every transaction and serve our customers well 100% of the time. Give us a call at 877-RATE-LOW (877-728-3569) to see how we can help you obtain one of the best current mortgage rates on your next mortgage transaction.