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.