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After contracting to buy a home, one applies for a mortgage (unless you pay
cash of course). It's very important to have your documents organized before applying, as the
application interview process will go very smoothly. Being prepared
also reduces the likelihood of documents being required before the closing.
Applying for a mortgage used to be intimidating. But today there is
great competition in the lending market, and automation of credit scoring
and reporting has simplified the process. At the application
interview, you will be asked a lot of questions and be required to sign many
documents (receipt of truth in lending statement, approval document to
access your credit report, etc).
Below is an example list of documents you should prepare before a mortgage
application interview:
Driver's License / Identification
Purchase & Sale Agreement of Property
W2's for 2 Years
Year-To-Date Pay Stubs for 4 Pay Periods
Asset & Debt Account Listing (see
example)
Most Recent Checking Account Statement
Most Recent Savings Account Statement
Most Recent 401k Statement
Expense Statement (see example)
Balance Sheet (see example)
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