Mortgages: Applying for a mortgage || Good Homes Hudson Valley

Mortgages Part 7A - What do you need when you apply for a mortgage

Once you submit an offer that got accepted, congrats! It is now time to apply for a mortgage. What will you need to do?

When you go talk to the loan officer, you will be required to complete the Uniform Residential Loan Application. It will ask for information about your income, liabilities, assets, and about the property you are buying.

It is good to gather the following documents for the lender:

They will ask for your social security number and birthday
Federal tax returns and W-2 forms from the past two years.
Most recent pay stubs (and maybe more) showing your income and your year-to-date earnings
Proof of other income: a second job, overtime, commissions/bonuses, interest and dividends, Social Security disbursements, VA and retirement benefits, alimony and child support.
Names, addresses, and phone numbers of your employers for the past two years
List of loans and charge accounts, including your credit cards, student loans, car loans, child support and alimony. You may be asked to show proof of your minimum monthly payments and total balance.
List of your deposit accounts, including your checking and savings accounts, stocks, bonds and the balance in each. You will need to provide the three most recent statements for your accounts.
Your sales contract showing information of the property you are buying and its sales price.

Not all lenders will require all of this documentation, but having it handy may save valuable time during the application process.

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Mortgages Part 7A - What do you need when you apply for a mortgage

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