Complete Your Mortgage Application Form Diligently
A mortgage application makes the case to the lender that you are a good credit risk, and that you will repay the home loan as agreed. Some of the factors the bank would like to consider include how much money you make, how much you have in hand in case of an interruption in cash flow, and how you have repaid other debts previously. Most of this information comes from your credit track record, but a good portion of it will be shown by the documents included in your Orlando mortgage application.
Listed here is a list of the items you are likely to be asked for:
* Income Documents - Your most current payroll check and W-2s from the past two years. In some cases you might be asked for copies of your tax returns, specifically if you are self employed or earn a big 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 document that too.
* Asset Documentation - Your two most current statements for checking, savings, and investment accounts. This could consist of retirement accounts like an IRA, Roth IRA, or a 401k. Make sure you include all the pages of each statement, even those which read "this page purposely left blank." That is the only way for those going over your application form to ascertain that there isn't any pertinent information on those pages. If you own any additional real estate you will also be asked for details of those properties.
* Identification - Your driver's license, social security card, and proof of immigration status (if applicable.)
* Loan Details - A copy of the purchase contract and earnest money deposit in the case of a purchase. For a loan refinancing the approximate loan amount to be paid back.
* Depending on your specific scenario you might be asked for additional documents, like a divorce decree, separation papers, a gift letter if using gift funds to pay all or part of an advance payment, a business license if independently employed, or an offer letter if starting up a new job.
Always provide copies rather than original copies of all required documents while filling in your mortgage application. This will save you the trouble of having to wait for the original documents to be given back to you, and you can actually provide another copy in the event something is inadvertently misplaced.
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