Home Mortgage Rates

Home Mortgage Rates

Are you in the market to purchase a home in 2014?  Have you talked to a lender or a mortgage broker?  In order to make your loan application process go smoothly, you’ll need to collect and organize a few key pieces of financial information.  

Application Checklist

You need to provide your lender or mortgage broker the following items to the application as part of your application process:

  • W-2′s  – You will need to provide W2s from all your jobs in case you have had more than one employer in the past 12 month.
  • Federal & State income tax returns for the past 2 years. If you are self-employed, you might be required to provide bank statements as proof of income as well.
  • Most recent pay stubs (30 days) – You should keep copies of your pay stubs during the entire application process since some lenders might require updated copies prior to funding your loan.
  • Asset statements – bank, stock and 401k statements.   You will need the most recent bank statements going back 60 days.  Keep in mind that if the bank statement says 5 pages, the lender will require ALL 5 pages even though the last page might be a blank page.
  • List of liabilities – credit cards, Auto, mortgage, student loans, alimony, child support, etc… (include account numbers and addresses)
  • Purchase agreement  – If you have purchase a home, you will need to provide a fully executed copy of the purchase agreement.
  • Name, address, and phone number of current landlord and previous landlord for last 2 years (if renting).  This information is collected to determine your debt-to-income ratio.  The lenders will also use your rent history to determine your ability to make mortgage payments.
  • Most recent mortgage statement (for refinancing)

If you have a complete package to your lender, they should be able to pre-approve you within a few days if not sooner.


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