Things to Bring With You When You Apply For a Mortgage
1.  Today its often suggested that you
go to a lender and ask them to
pre-qualify you for a home loan.  This
is so you know how much home you
can afford and can look for homes in
the price range you're approved for.  
Many sellers will only consider offers
from buyers with a prequalification
letter.
5.  Bring in your employer's name,
address, W-2 forms from the past two
years and pay stubs from the last 30
days.  Bring in your Federal Income Tax
forms from the last 2 years.  This is
especially important if 25% or more of
your income is derived from bonuses,
commissions, overtime, or if you're
self-employed.
2.  We'd like to suggest that you apply
for a loan through a local mortgage
lender.  Your Realtor can give you the
names of lenders that they have
worked with and have found reliable,
that way you can choose which one
you prefer.  Acquiring loans online are
very popular but often times problems
arise when you are unable to sit down
with the lender and discuss what will
be required and what fees are going
to be charged when the home closes.  
If your contract shows a closing date
a month away, it is imperative that the
paperwork be finished and at the title
company by that date.  If the lender is
unable to fulfill that end of the
agreement then the contract is no
longer valid unless you can persuade
the seller to give you an extension.  To
prevent problems that can arise from
miscommunication and distance, its
better to go with lenders that are
reputable and local.  If you need to
talk to them or they require more
information to secure your loan,  you
can physically go to their business and
not rely on the hope that they will
make themselves available by phone
or fax.  Speaking from experience we
can say the "dot com" route has not
been the best.
6.  Be ready to show all savings,
checking and money market account
balances, plus statements from the past
two months.  If you have stocks, bonds
or mutual fund holdings you'll want to
show the amount you own.
The lender will want to know what
automobile you own, any personal
property with worth and household
goods that can be used to estimate the
value of your assets.  If you own a
current home, the mortgage balance,
rental property taxes, income and
expenses incurred with this property.  If
you have a life insurance policy the cash
value of that.  Anything that is an asset
or source of income can be included.
7.  Have all the names, account numbers
and amounts being paid for all monthly
debts ready for your lender.  Include the
address and phone numbers of the
people you pay so your lender can
contact them if there's a need to do so.
8.  Bring cash or check to pay for the
appraisal, credit report and flood certification.  
If applying for a VA Loan include the
Certificate of Eligibility.
9.  If you've been divorced, you may want
to provide a history of child support or
alimony paid or received.  If you want the
amount to be included as income then
include copies of the court decree.
3.  When you go to your lender please
bring your original Purchase Contract,  
the listing sheet for the property
(which will have the legal description
and address of the property), also, let
your lender know the name and
number of your Realtor for any
questions they may have, such as how
the appraiser can gain access to the
property.  The lender will want to
know how much the property is worth
in today's market. They will get an
appraiser to evaluate the property and
compare it to other homes that have
sold in the same area that are similar
in respects to the home you're
purchasing.  
10.  Your lender is required by the
federal Real Estate Settlement
Procedures Act to provide you with a
good faith estimate of the fees due at
closing within three days of applying for a
loan. These mortgage fees, also called
settlement costs, cover every expense
associated with your home loan:  
inspections, title insurance, taxes and
other charges. Because closing costs
typically amount to between 3 and 5
percent of the sale price, it is best to wait
until you receive the good faith estimate
before signing any loan.  In fact, smart
shoppers will obtain good faith estimates
from several lenders, compare their
costs, then ask their chosen lender to
meet or beat the competition's best offer.
4.  The lender will want to know the
names, addresses, birth dates and
Social Security numbers for everyone
that is borrowing money and will be on
the deed of the home.  They will need
your home and work telephone
numbers.  The name of your present
landlord or mortgage company and the
amount you currently pay.