Quite a Few Documents are Required for a Mortgage Application- By: marco benavides
If you are planning to submit a mortgage application, then you should know that you will be required to submit quite a few documents. There is no denying that you are going to attempt to borrow thousands, if not hundreds of thousands, of dollars from a mortgage lender. The reasonable thing is to expect the lender to have requirements in order to loan out that much money.
Additionally, the lender is going to want to make an evaluation as to how much risk you present. The mortgage lender is going to try to identify whether you have the resources to pay back the money, and whether you have kept up with your credit commitments in the past. The only way that the bank or mortgage lender can make a proper assessment is through the documentation that it is going to require from you.
The documentation will present a picture about you to the bank, and you want that picture to be as clear as possible. It would not be a bad idea to visit several lenders and find out about the paperwork that they require. You will see that different lenders have different loans and different requirements.
Once you have a list of what may be required, you can begin trying to see whether there will be anything that could cause a problem, and you might want to clear the issues before you make the mortgage loan application.
In any event, there is a long list of the paperwork that you might be asked to present, and it might include some or all of the following:
- A sales contract, legal and legible, signed by the seller and you.
- A social security number for any and all of the applicants.
- The places, with full addresses, where you have lived for the past two years.
- The full name and address of the landlords of the places where you have lived for the last two years.
- All of the information from your installment, student, mortgage and auto loans, and all your revolving charge accounts, including payments and current balances.
- All income that you have earned for the last two years and your most recent pay stub, along with the name and address of all of your employers during that time.
- The most recent statement from your deposit accounts, and the name address, account numbers and balances in these accounts.
- If you are a VA Loan applicant, you will be asked for a certificate of eligibility and your DD-214.
- If you are currently on active duty in any branch of the military, you will be asked for a statement from your Commanding Officer.
That is just part of the information that you may be required to provide, and you may be asked for more paperwork depending on your circumstances and the type of loan you are requesting. As stated previously, the best thing to do would be to visit the mortgage lenders in the area to see what their individual requirements are. If you know what the requirements are beforehand and you make sure everything presents the best picture of you, then you may have a better shot at getting the mortgage you need.
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