Important Steps to a Perfect Loan Application

Most lending institutions require confidential information that you may not have at hand when making a mortgage loan application. To hasten the loan approval process, you will want to bring the following with you.

A copy of the Sales Contract on the home that you are buying.

A check payable to the mortgage company for a credit report and/or appraisal fee. When the loan is approved, this comes off the closing cost. If, for some reason, the loan is not approved or the house does not appraise, this money is not refundable.

Social Security number for husband and wife.

Checking account numbers, bank addresses. (Include children’s checking/savings accounts, if your name is on them.)

Savings account numbers, addresses of same, gift letter for any money received from relatives to purchase home and placed in checking/savings accounts.

Mutual Fund account numbers and addresses.

Serial numbers and face values of any U.S. Savings Bonds and other stocks.

Copy of current thrift plan, provident fund, or retirement benefits which your company has. If not available, include addresses and account numbers. Include IRA and or Keogh data, where applicable.

Credit card references and account numbers.

A list of any debts you have. Document the numbers of all creditors, their addresses, telephone numbers, account numbers, monthly payments and balances.

List of assets including insurance policies (cash value), cars and furniture (and estimate of their value).

Name and address of employer(s) for the last five years. Latest leave and earnings statement or pay vouchers.

If overtime is a substantial part of gross income, provide W-2s from the last three years.

If you are self-employed, tax returns for the last three years will be required, plus profit and loss statements and balance sheets for the past three years, where applicable.

If you’re getting a Veterans Administration loan, your certificate of eligibility, if you have one, or a Statement of Service or discharge paper, if you don’t.

Name and account number of Credit Union.

If you presently own or have owned a home in the last three years, the name and address of the mortgage company or lending institution, the mortgage loan number and approximate balance.

If you are obtaining your equity from the sale of a previous residence, a copy of your closing statement is required.

If you are a landlord, bring a copy of your tenant’s lease with you to substantiate income derived. (If no lease is available, bring copies of checks, receipts, etc.)

Any divorce papers and property settlements where property was involved in a divorce. If alimony or child support is being used as income to qualify for a loan, provide proof of amounts received.

Any bankruptcy judgment papers.