Documents to Take to Your Mortgage Appointment

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Your lender will need some basic documents to begin the process.  Do your best to provide these and your process will be smooth.  All the documents fall into three basic categories; income, assets and credit.

Income documents

1.  Most recent 4 weeks of pay stubs

2.  Last 2 Years of w-2s

3.  Award letters for retirement, social security or disability income.

4.  Last 2 Years of IRS 1040 Tax returns if you have ANY income other than w-2 income including all schedules.

5.  Corporate Tax returns if K-1 income is on your 1040

6.  Mortgage Statements from each open mortgage

7.  Tax bills and Insurance bills for each property where the taxes and insurance are not escrowed by the bank.

Asset Documents

1.  Most recent 2 months of banks statements from your bank – ALL pages please – OR bank generated print out that are stamped and signed by your bank.  You CANNOT use a transaction history printed from home.  It will not contain any identifying information.

2.  Most recent 2 401K, Stock, IRA or other asset statements.

3.  Copy of your deposit check (front and back) and copy of your bank statement showing the funds exiting your account.

Credit

1.  Complete set of bankruptcy documents with all schedules (if applicable)

2.  Proof all collections, judgments, and credit disputes have been resolved

3.  Letter of explanation for every credit inquiry on your report within the last 120 days

4.  Letter of explanation for any derogatory information on your credit report

Ancillary items

1.  Copy of your Driver’s License

2.  Contact info for your home owner’s insurance agent

3.  Copy of the fully executed contract for purchases

Reach out to Tim if you have something add to the list that your Mortgage Loan Originator forgot to ask you for in advance.  If you are driving to Tim’s Office in Malta, NY from Saratoga Springs, Albany, Troy, Schenectady or any surrounding towns or cities in the Capital District make sure you bring as many of the above documents as possible.  Your loan should be smooth, simple and relatively quick.  Don’t get frustrated with endless requests for documentation, be prepared!

 

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