Fill Out Your Mortgage Application Form Vigilantly
A mortgage application makes the case to the bank or lender that you are a good credit risk, and that you will payback the home loan as agreed. Some of the things the bank would like to take into account include how much money you earn, how much you have on hand in case of an interruption in income, and just how you have repaid other debts in the past. Most of this information comes from your credit track record, but a good portion of it will be revealed by the documentation included in your Orlando mortgage application.
Here is a list of all the items you are likely to be asked for:
* Income Documentation - Your most current payroll check and W-2s from the past two years. In some instances you may be asked for copies of your tax returns, particularly if you are running your own business or earn a large percentage of your compensation as commission or a bonus. If you acquire income from another source like social security, a pension, alimony, or child support you'll be asked to record that as well.
* Asset Documentation - Your two most recent statements for checking, personal savings, and investment accounts. This could include retirement accounts like an IRA, Roth IRA, or a 401k. Make sure you include all the pages of each and every statement, even those that read "this page intentionally left blank." This is the only way for those reviewing your application form to ascertain that there isn't any pertinent information on those pages. If you own any additional real estate property you will also be asked for information on those properties.
* Identification - Your driver's license, social security card, and proof of immigration status (if applicable.)
* Loan Information - A copy of the purchase written agreement and earnest money deposit in the case of a purchase. For a refinance the approximate loan amount to be paid back.
* Depending on your specific situation you may be asked for additional documents, such as a divorce decree, separation papers, a gift letter if employing gift funds to pay all or part of a down payment, a business license if independently employed, or an offer letter if starting up a new job.
Always provide copies instead of originals of all required documents when filling in your mortgage application. This will help you save the trouble of having to wait for the original documents to be returned to you, and you can actually provide another copy in the event something is inadvertently misplaced.
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