What Will Banks Request When Applying for A Loan

Apr 5, 2013

Mortgage and Refi Process List

We recently were at a meeting with a mortgage representative and she gave us a list of what will typically be required for a loan submission.  This pretty much covers new purchases and a refinance.

I added a few that are specific to those of us who are considered “self employed”.

Social Security Number
Copy of Drivers License
Current Paystub (Gov’t Loans require 1 months of paystubs)
Last 2 Years of W2’s
Last 2 Years of Complete Federal tax Returns
Pension or SS Income: 2 Months of Bank Statements auto deposits OR award letter and 1099’s for 2 years.
1 Months current Checking/Savings Statements
1 Months current Investment/Retirement Statement – include all pages for all Statements.
Current Tax Bill
Current Insurance Bill
Current Mortgage Statements
Employment Verification
If Self-Employed – Current business licenses and often a letter from your CPA saying how long you have been “self-employed”.

Upon Loan Submission the loan officer will need a credit card # to cover the appraisal.

Prior to Closing:

Insurance Binder or Declaration page of Insurance for Refi.
They will often verify employment just prior to closing.

For a PreApproval

They will need:

Full Name
Birthdate
Social Security Number
Current Home Address and how long you have lived there (they need a 2 year history).
If paying rent-how much monthly.
If you own another property they need all the info
2 year employment history- full name of the company, address, phone#, how long you have been there, your title and how long in a particular field.
Yearly gross salary or hourly wage
If retired or military they will need the gross amount of monthly or yearly income
Assets – name of checking/savings and the approximate balances