If you’re considering financing a home, you will need to apply for a mortgage. When it comes to filling out your mortgage application - many accounts, documents, and more are required.
Not sure what you will need? Don’t worry! We have you covered. Here are a few things you can start getting together to prepare for your mortgage application.
Income
You must provide your last two pay stubs, plus your W2s and Federal tax returns for the past two years. If you are self-employed, have changed jobs recently, or receive bonuses or commissions, talk to your lender or bank about the required documentation.
Assets
At least two months before you plan to fill out your application, combine all the funds you plan to use on the purchase into one account. You will want to make sure to document any other deposits into the account, as the lender or bank might ask about them.
Deposits
Make sure to deposit your checks individually to avoid large lump sums of money being deposited into the account. Don’t deposit cash without clear proof of the source.
Liquidation
If you’re going to sell stocks, bonds, investments, or borrow against an existing retirement account, do it sooner rather than later. Cashing out now may cost you in additional gains, but it will also protect you against losses.
Current Housing
- If you currently own a home and are selling, provide a copy of your Closing Disclosure.
- If you currently own a home but aren’t selling, you’ll need to qualify for both homes or meet the requirements for renting the current home.
- If you’re currently renting a home, show 12 months of canceled checks to prove timely payments have been made and/or written verification from your property management company.
Credit
Check your credit report and identify any errors prior to your mortgage application. Avoid any new credit or inquiries, as they can lower your credit score and increase your mortgage rate.
If you have any questions about the mortgage application process, please reach out to me! I’m always happy to help.
This information was provided by:
Deka McBride
Loan Officer | NMLS ID# 2052135
Office: (775) 626-0775
Mobile: ​​(775) 750-3268
Email: [email protected]
Summit Funding, Inc
6121 Lakeside Drive Suite 100
Reno, NV 89511
