Mortgage Application Checklist

As I stated in an earlier post, getting pre-approved for a loan can go a long way in your negotiating power when buying a home. It puts you in a much stronger position than someone who hasn’t yet talked to a lender, but thinks he can get the financing, no sweat.GoodWin Team Realty can help with mortgage documentation

A seller will think twice about accepting an offer from a buyer who hasn’t even approached a lender. In fact, most sellers these days will insist that at least a pre-qualification letter from the lender accompany any purchase offers. Sellers aren’t willing to take their home off the market while waiting for you to arrange your financing, and you can’t blame them.

So, what records is the lender going to want from you? Most or all of the information below. So, go dig out the boxes of old tax returns and bank statements. Looks like you’re going to need them.

Income and Assets

Pay stubs for the last 30 days
For the past two years: names and addresses of each employer and W-2s
Statements for each bank, mutual fund, and/or investment account for the last three months
Estimated value of personal property and furniture

If you have made any large deposits to your accounts: explanation and source for deposit
If large deposit was a gift: signed gift letter (lender can supply), copy of gift check, copy of deposit receipt

If you own more than 25% of a business: corporate or partnership tax returns

GoodWin Team Realty can help explain the mortgage process.If self-employed: tax returns for the last three years (with schedules), Year-to-Date Profit and Loss Statement prepared by an accountant

If you own rental property: tax returns for the last two years and current rental agreements

If you are retired: pension award Letter

If you receive Social Security: social security award letter

If you are counting child support as income: copy of divorce settlement, copy of twelve months of cancelled child support checks

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Debts

Names, addresses, account numbers, balances and monthly payments on all current loans
Explanation of credit report anomalies, including: late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens
Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers)

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VA Loans

Copy of DD Form 214, Report of Separation

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Miscellaneous

Photo ID and proof of social security number
Residence addresses for the past two years
If applicable, a copy of your divorce decree
If you are not a citizen, a copy of the front and back of your green card

I know it’s a lot of information, but it’s necessary in order for the bank to ensure that you can pay the loan back.  Call me, and I can help you through it!

GoodWin Team Realty

Heather Goodwin, Broker
Shreveport, LA
318-918-8248

Heather@GoodWinTeamRealty.com

Serving all of Shreveport and Bossier City

Specializing in Southeast Shreveport Gated Communities
St. Charles Place, Hidden Trace, Norris Ferry Landing, Provenance, Norris Ferry Crossing,
Twelve Oaks, Acadiana Place, and the Ellerbe Road Corridor

Licensed by the Louisiana Real Estate Commission

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