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Materials need for applying a loan
Following list contains some materials required to apply a mortgage loan. Different lender may require some different types of documents. Remember to save all the documents related to your personal and home finance.
  1. Valid contract (contract signed by buyer and seller) and all addenda.
  2. Last three months bank statements.
  3. Last year tax return, or wage and tax form (W-2 form).
  4. Last two months pay stubs.
  5. All loans you applied. Such as home loan, auto loan or student loan.
  6. If you are a self employee, last two years tax returns and current gain and lost report.
  7. If you are renting a house, evidences of rental payment, such as rental payment receipts, check copies or payment letter written by rental company,  are required.
  8. If you have a rental house and have tenants, rental contract is required to prove your rental income.

Usually, on the contract, buyer is required to apply a loan within certain period after under contract. So once under contract, buyer need to contact a loan broker/mortgage lender to applying a loan as soon as possible.

Mortgage rate usually changes everyday and buyer should work with loan broker/mortgage lender closely to ensure get a good current mortgage rate. Ask your loan broker/mortgage lender to keep you posted with current mortgage rate and lock the rate 30-45 days before closing.

You need to know that loan broker is different that lender. Lender is a financial organization like bank. Loan broker is an agent representing you to dealing with lender to get your mortgage. You don't have to choose a loan broker, instead, you can directly contact mortgage lender to apply a loan. However, you may not get best mortgage rate.

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