If you've been thinking about buying a house, this summer is the time to do it. According to Jonathan Corr, President and CEO of Ellie Mae, purchase and refinance activity is on the rise. He also stated that "closing rates remain well over 75% and with the Mortgage Bankers Association reporting solid purchase volume and new inventory on the rise, we could be in for a very robust summer home buying season".
Additionally, current rates are at their lowest since November 2017. If you want to make a move towards the dream of homeownership, the mortgage loan application is one of the first steps.
There are several sections of the application that will ask about your finances and potential mortgage. The following checklist will help you start collecting information and documentation required to complete your loan application.
Your Residence History
- Previous addresses for the last 2 years and how long you lived at each location
- If you currently rent, your landlord’s name, address and telephone number to verify the most recent 12-month rental history
Your Employment History
- Names and addresses for all employers in the last 2 years
- Dates of employment for each employer
- Letter explaining any gaps in your employment in the last 2 years
- Pay stubs for the last 30 days
- Most recent two years W2s
- Most recent two years 1040s
- Year-to-date profit and loss statement and current balance sheet (if self-employed)
- Award letter and copy of most recent check for retirement, Social Security, or
Savings, Checking, & Investment Accounts
- Checking/savings accounts: two most recent monthly statements
- Stocks/mutual funds: two most recent monthly statements
- 401K/retirement accounts: most recent quarterly statements
Miscellaneous (if applicable)
- Complete bankruptcy papers, including discharge
- Complete divorce papers
- Driver’s license
Additional Information (if Refinancing)
- Copy of most recent property tax bill
- Copy of most recent homeowner’s insurance bill
- Copy of most recent mortgage statement or coupon book
Find out how easy it is to get pre-approved by speaking with a mortgage loan advisor today!