Posted on: 20th Jun, 2009 06:56 pm
Use this helpful checklist to assist you in gathering your documentation. It is important to have this done prior to applying for your loan.
INCOME DOCUMENTATION
• Salaried employees to provide copy of 1 complete month of most recent pay stubs and last 2 years of W-2’s.
• Self-employed to provide copy of last 2 years signed tax returns (include all schedules) and the current year’s profit and loss statement, if possible.
• Retired and/or receiving pension to provide copy of social security awards letter and/or pension benefit awards letter.
• If you are claiming rental income provide copy of current lease(s) and “schedule E†of your past 2 years returns.
ASSET DOCUMENTATION:
• Copies of 2 most recent months bank statements from checking and savings accounts (all pages).
• Copies of 2 most recent months of investment/brokerage account statements.
• Copies of last quarter’s statements for all stock, bonds, mutual fund, IRA, and 401(k) accounts.
OTHER DOCUMENTATION:
• Copy of contract if purchase or recorded deed for property if refinance.
• Copy of last mortgage statement on all mortgages and second loans.
• Copy of divorce decree & judgment if previously married.
• Copy of bankruptcy court discharge papers, if applicable.
• Copy of homeowner’s insurance declaration page 7 days prior to closing.
• Photocopy of your drivers’ license.
• Title insurance forms (schedule A & B only) if refinance.
MORTGAGE DOCUMENTS
INCOME DOCUMENTATION
• Salaried employees to provide copy of 1 complete month of most recent pay stubs and last 2 years of W-2’s.
• Self-employed to provide copy of last 2 years signed tax returns (include all schedules) and the current year’s profit and loss statement, if possible.
• Retired and/or receiving pension to provide copy of social security awards letter and/or pension benefit awards letter.
• If you are claiming rental income provide copy of current lease(s) and “schedule E†of your past 2 years returns.
ASSET DOCUMENTATION:
• Copies of 2 most recent months bank statements from checking and savings accounts (all pages).
• Copies of 2 most recent months of investment/brokerage account statements.
• Copies of last quarter’s statements for all stock, bonds, mutual fund, IRA, and 401(k) accounts.
OTHER DOCUMENTATION:
• Copy of contract if purchase or recorded deed for property if refinance.
• Copy of last mortgage statement on all mortgages and second loans.
• Copy of divorce decree & judgment if previously married.
• Copy of bankruptcy court discharge papers, if applicable.
• Copy of homeowner’s insurance declaration page 7 days prior to closing.
• Photocopy of your drivers’ license.
• Title insurance forms (schedule A & B only) if refinance.
MORTGAGE DOCUMENTS
Jumbo, I see you're in London - is it typical for the purchase contract to be a requirement of lenders there? It's not typical here in the US.
Thank you for the information about gathering documentation. However there are some exceptions to that in some countries.
Sabrina, you leave much to the imagination. Can you please elaborate?
For the most part, this forum is about US based mortgage questions. Scenarios will obviously be different in other countries. I am sure they would require quite a bit of documentation regardless as to what country you are in.
Hey gunzijjistaff ,
An unemployed person will not be able to take out a mortgage on a home. If you have no income, or your income is too low to repay the lender, the lender will not approve your loan request. However, if your spouse has an income great enough to support your debts along with theirs, there is a better chance of being approved.
hope this helps :)
An unemployed person will not be able to take out a mortgage on a home. If you have no income, or your income is too low to repay the lender, the lender will not approve your loan request. However, if your spouse has an income great enough to support your debts along with theirs, there is a better chance of being approved.
hope this helps :)
In most cases people faces problem in getting property mortgage loan due to incomplete or improper loan document. So it is necessary that you check all documents before submitting to bank.
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