Loan Application Checklist

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing. 

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.  

I would be happy to refer you to some very good mortgage contacts I have, or to help you in any other way I can to secure the best possible rate for your home purchase.

GENERAL:

  • Picture ID with social security number of borrower and co-borrowers.
  • Name and complete address of all landlords for the past two years.
  • Income verification as follows:
    • Employment history for the past two years including names, addresses, phone numbers, and length of time with each company.
    • Copies of your most recent pay stubs and W-2 forms (past two years).
    • Verification of other income (social security, child support, retirement, etc.).
    • If self-employed, you need copies of the past two years’ signed tax returns, including all schedules, and a signed profit-and-loss statement for the current year. Retirees need tax returns for the past two years.

YOUR ASSETS:

  • Copies of all bank and credit union statements for the past three months.
  • Copies of all stock/bond certificates and/or the past three statements from all investment and retirement accounts.
  • Prepare a list of household items and their values.
  • Copies of title documents for all automobiles, boats, motorcycles, etc.
  • Face amount, monthly premiums, and cash values of all life insurance policies. (Cash value may be used for closing costs or down payments. You need documentation from the carrier indicating cash value.)

YOUR CREDITORS:

  • Credit card account numbers, current balances, and monthly payments.
  • Installment loans (car, student, etc.). Same details as for credit cards.
  • Mortgage loans (property addresses, lenders and lenders’ addresses, account numbers, monthly payments, and balances owned on all properties presently owned or sold within the last two years). Bring proof of sale of properties sold.
  • Child-care expenses/support (name, address, and phone number of provider).

OTHER:

  • Bankruptcy: Bring discharge and schedule of creditors.
  • Adverse credit: Bring letters of explanation.
  • Divorce: Bring divorce decrees, property settlements, quit-claim deeds, modifications, etc., for all divorces for yourself and your spouse.
  • VA only: Bring Form DD214 and Certificate of Eligibility.
  • Retirees: Bring retirement and/or social security award letter.

 

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.