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REQUIRED LOAN DOCUMENTS FOR MORTAGE LOAN

Planning to apply for mortgage loan, and don’t know about the documents that would be required for loan. Then you’re reading the correct article. Go through with the article and you would have a comprehensive idea about documents required for a mortgage loan.


There are three categories of documentation e.g. Full Doc, No Doc, Easy Doc; each is based on the category chosen. More so, the document requirement may vary from case to case depending facts and circumstances of each case.

Full Doc Loan: - The documents required to verify Income, Asset, Property and other Liabilities of Borrower are as follows:-.

Verification of income

  • Earnings statements: W-2 forms, recent pay stubs and tax returns for the past two years;
  • If you are self-employed: profit and loss statements and tax returns for current year and previous two years;
  • Additional income: social security, overtime bonus, commission, interest income, veteran's benefits and so on.

Verification of your assets

  • List of bank account numbers, the address of your bank branch, checking and savings account statements for the previous 2-3 months;
  • List of savings bonds, stocks or investments and their approximate market values;
  • Copies of titles of any motor vehicles that are paid in full.

Information about purchase

  • Copy of the ratified purchase contract;
  • If you made a deposit to the seller to show that you are serious about buying the house, then a copy of canceled deposit check on house.

Your debts

  • Credit card bills for the past few billing periods;
  • Other consumer debts such as car loans, furniture loans, student loans and other personal and cosigned installment loans with creditor’s addresses and phone numbers;
  • Evidence of mortgage or rental payments;
  • Copies of alimony or child support.

If you have no established credit history, supply the lender with canceled checks for rent, utilities and other recurring obligations to show payment history and amount of revolving debt.

Lenders may also ask about the origin of your down payment. If money for down payment is a gift from a relative, then borrower might be asked to bring a copy of gift letter and copy of gift check. The gift letter states that the money will not have to be repaid.

Having these items on hand when you visit the lender will help speed up the application process.

Keep in mind that different lenders may have slightly different information requirements, so ask your lender what to bring to your initial loan interview. The complete list of documents is also mentioned in the Loan Application Checklist.

 

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