Complete Your Mortgage Application Form Vigilantly
A mortgage application makes the whole case to the bank or lender that you are a good credit risk, and that you will repay the home loan as agreed. Some of the things the bank would like to take into account include how much money you earn, how much you have on hand in the event of an interruption in income, and how you have repaid other debts in the past. Most of this information comes from your credit track record, but a large amount of it will be revealed by the documentation included in your Orlando home loan application.
Here is a list of the items you are likely to be asked for:
* Income Documentation - Your most current payroll check and W-2s from the last two years. Often you may be asked for copies of your tax statements, particularly if you are self employed or earn a large percentage of your compensation as commission or a bonus. If you get income from another source for example social security, a pension, alimony, or child support you'll be asked to record that as well.
* Asset Documents - Your two most recent statements for checking, savings, and investment accounts. This could include retirement accounts like an IRA, Roth IRA, or a 401k. Make sure you include each of the pages of each and every statement, even those that read "this particular page intentionally left blank." That is the only way for those reviewing your application form to ascertain that there isn't any relevant information on those pages. If you own any additional real estate property you will also be asked for information on those properties.
* Identification - Your driver's license, social security card, and evidence of immigration status (if applicable.)
* Loan Information - A copy of the purchase contract and earnest money deposit in the case of a purchase. For a refinance the approximate loan amount to be paid back.
* Depending on your particular circumstance you may be asked for additional documentation, such as a divorce decree, separation papers, a gift letter if using gift funds to pay all or part of a down payment, a business license if independently employed, or an offer letter if starting up a new job.
Always give copies instead of originals of all important documents when filling in your mortgage application. This will save you the trouble of having to wait for the original documents to be returned to you, and you can actually provide another copy in the event something is accidentally misplaced.
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