The Do’s and Don’ts for a Smooth Mortgage Loan Process! Part 3/3

Welcome back as we conclude our 3-Part Series exploring the best ways to help ensure a smooth mortgage loan process when purchasing a home and applying for a mortgage. Our Document Checklist offers insight on the documentation needed when applying for a home loan. While no single list can completely cover all types of loans, following our advice during your mortgage loan application process will help to close your loan faster, allow you to sleep better at night, and help your loan officer give you the best service possible.

Documentation for the Property Being Purchased:

  • Copy of signed sales contract including all riders and addenda
  • Verification of the escrow deposit placed on the property
  • Names, addresses, phone numbers for all REALTORS, builders, insurance agents and attorneys involved
  • Copy of the listing sheet and legal description. If property is a condominium, provide condominium declaration, by-laws and most recent budget

Documentation for ALL Borrowers:

  • W-2’s for the previous two years
  • Paycheck stubs for the last 30 days and year-to-date
  • Employment history for the last 2 years. Letter explaining any gaps of employment in the past 2 years
  • Checking, saving and money market account statements for the last 3 months (all pages). All non-payroll deposits must be documented and make a copy of the check before depositing
  • Statements for 401(k)s, stocks, bonds and other investments (most recent)
  • Signed tax returns for the last 2 years
  • Documentation supporting monies received from social security/retirement/disability. Copies of direct-deposit bank statements and award letters.
  • Prepare a list of all names, addresses, account numbers, balances and monthly payments for all current debts with copies of the last 3 monthly statements
  • Prepare a list of all names, addresses, account numbers, balances and monthly payments for mortgage holders and/or landlords for the last 2 years
  • If you paid off a mortgage in the last two years, have copies of the settlement statement or Release/Satisfaction
  • If existing home is under contract, provide listing agreement and signed sale contract (all pages, addenda and riders). Settlement statement must be provided once property closes
  • Photo ID (valid driver’s license or passport) for applicant and co-applicant
  • Work visa or green card (front and back)

Documentation for Self-Employed Borrowers:

  • Copies of most recent 2 year’s corporate tax returns (with all schedules and extension, if applicable)
  • YTD profit & loss statement and balance sheet
  • Copy of business license or CPA contact information
  • 1099s or K-1 forms for the last 2 years
  • Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last 2 years (if applicable)

Documentation for VA Borrowers:

  • Veteran DD214 or Veteran Reservist DD256
  • Additional items may be requested during the loan underwriting phase if more information is required to guarantee your loan

Documentation which may be requested:

  • Refinancing – Copy of note, deed of trust or mortgage, settlement statement, survey and homeowner’s insurance information
  • Previous bankruptcy – Copies of petition and discharge, including supporting schedules A thru K
  • Divorce decree, marital settlement and alimony/child support court orders
  • Relocation move financed by employer – Copies of buyout agreement plus documentation outlining company-paid closing cost benefits
  • Rental property – Copies of leases, mortgage statement, homeowner’s insurance and property tax statements

We hope you found this post to be helpful, informative and interesting… Watch for our next BLOG POST on April 21st.

To learn more about Tampa Bay area homes for sale in Spring Hill and Brooksville, located in Hernando County, Florida, visit us @… Be sure to check out our custom, state-of-the-art, MLS Map Search Feature, which you’ll find to be fully functional on any and all of your devices!

Until then… it’s all about YOU!
About Gail Spada

Gail Spada’s real estate career began in 1990 and it didn’t take long for Gail to discover her love for the industry. In 2001, she began her real estate sales profession with Century 21 Alliance Realty in Spring Hill, FL. Gail has worked diligently to stay on top of her game. She is a Florida Licensed REALTOR® and has earned the following designations/certifications to include: GRI (Graduate Realtor Institute), ePRO (Internet Savvy Real Estate Specialist), AHWD (At Home With Diversity – One American) and SFR. It is that well-rounded training and experience, coupled with her intimate knowledge of the Hernando County real estate market, that enables Gail to deliver results to her customers.