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.
- Valid contract (contract signed by buyer and seller) and
all addenda.
- Last three months bank statements.
- Last year tax return, or wage and tax form (W-2 form).
- Last two months pay stubs.
- All loans you applied. Such as home loan, auto loan or
student loan.
- If you are a self employee, last two years tax returns
and current gain and lost report.
- 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.
- 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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