How Does The Mortgage Application Process Work?
Whether you are applying for a home purchase mortgage loan or a refinance mortgage loan, there are going to be a list of documents that you need to provide the mortgage loan processor so they can process your mortgage loan application and submit it to the mortgage loan underwriter. Getting the documents needed upfront as complete as possible will determine how smooth your mortgage application process goes. A mortgage loan processor can submit your mortgage loan package with missing information but then the mortgage loan underwriter will definitely come back with conditions which will cause delays in closing your mortgage loan. The key is to get all of the documents that the mortgage loan underwriter will need and submit the whole package as complete as possible so there will be very little to no conditions. Many mortgage loan processors will not submit any mortgage loan application package to underwriting even if there is one or two missing items.
Divorce papers, bankruptcy paperwork, child support paperwork, and alimony paperwork not only needs to be provided but every single page of the documents need to be submitted including blank pages if it is part of the doucments. For example, if you had a prior bankruptcy, you need to provide the bankruptcy petition as well as the discharge paperwork. Just submitting the discharge paperwork will not suffice and the mortgage loan underwriter will come back and request the filing paperwork.
List Of Documents Required To Proceed With Mortgage Application Process
Documents Required To Process Your Loan
Please provide us with the following items applicable:
1. Two months of most recent bank statement for deposit accounts (checking/savings) we need all pages even if they are blank. If it is a transaction history it must be from the bank teller and it must be signed, dated and stamped by the teller and must be for 60 days.
2. Two years of tax returns and W2’s for salaried / hourly wage borrowers. Two years of tax returns year to date profit / loss statement and current balance sheet for self employed borrowers. Page 2 of taxes must be signed by customer and preparer if they were prepared by an accountant. We will need all pages even if they are blank.
3. Mortgage Note and riders for existing mortgages on property. We need all pages even if they are blank.
4. Two most recent pay stubs covering one month of pay
5. Copy of homeowners insurance or name and address and phone number of insurance agent you will be using
6. Divorce decree if applicable. Alimony agreement and child support documentation if applicable we need all pages even if they are blank
7. 401K, Profit Sharing and/or Pension Fund statements and once again all pages are need even if blank. If you using these accounts please provide me with terms and conditions for accounts for eligibility to with draw fund from these accounts.
8. Investments Stocks, Bond, Fund and/or Portfolio statements we need all pages even if they are blank.
9. Copies of Driver’s License and Social Security card or other forms of identification is need and required.
10. Copies of fully executed purchase contract with all addendums needed and if property is a Condo or Townhome please furnish the association name, phone number and contact person.
11. Copy of Social Security award letters if applicable