URBANE RESIDENTIAL SPECIALISTS Client Care
What You Need for a Mortgage Application
___ W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.
___ Copies of at least one pay stub for each person signing the loan.
___ Account numbers of all your credit cards and the amounts for any outstanding balances.
___ Copies of two to four months of bank or credit union statements for both checking and savings accounts.
___ Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
___ Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
___ Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
___ Copies of your most recent 401(k) or other retirement account statement.
___ Documentation to verify additional income, such as child support or a pension.
___ Copies of personal tax forms for the last two to three years.
(Checklist provided courtesy of REALTOR Magazine)
NOTE: While this list may seem intimidating, we encourage you to take the time to be fully prepared before meeting with your lender. This is a good test of your readiness to buy a home, as good planning and preparation will help you be successful in the long run as a responsible home owner. And, without this information, the lender is less likely to give you a true opinion of your readiness and amount you can borrow.
IMPORTANT TO KNOW: This list is not
the end of the paperwork your lender will ask you to provide. Just because you receive a loan approval, does not mean you’ve completed the process! You will be relaxed throughout the borrowing journey if you expect to provide additional documentation. Failure to produce a document can completely stop your loan process, so it is vital that you stay in touch, and provide updated documents quickly. Do not be dismayed, as many buyers have been asked for items even on the day of closing! The loan officer who works directly with you, is also working with people you won't meet who are behind the scenes: usually a file coordinator and an underwriter, who both review the file. They may need more items to make your file compliant to obtain the loan. They in turn, are submitting your information to other reviewers, who may ask for even more items. Be prepared for this and keep updated items on hand or easily accessible. This is all part of the process, and to be expected. A prepared client is a happier client!
SO I HAVE MY PAPERWORK TOGETHER, NOW HOW DO I FIND A GREAT LENDER? We recommend that you obtain trusted referrals, and avoid using family or friends without extensive experience. This is simply too important to you to allow someone to practice on you! Once you have several referrals (we recommend at least three) take the time to do a phone interview with each person and make your own decision about who is the best fit. You can also verify how long the loan professional has been in the business, and how busy they are. Good loan officers are busy, but if you haven't had a response to a call or an email by the next business
day, they are likely too busy to do a good job for you. When talking on the phone, decide if they are comfortable for you. Some people are more straight forward and business-like, others are warmer and want to build relationship. It's up to you, and the right personality is just as important as the level of service they provide. Your Realtor should be working right alongside your lender, making sure each step in the process is being handled in a timely manner.
LOCAL LENDERS TO CHECK OUT:
Please give us a shout if you're seeking local loan professionals in the Greater Nashville area. We have some wonderful pros to refer you to. Urbane does not receive a fee or compensation for any loan professional we refer. It's just our way of connecting good people with good people. To request your list, click on Contact Us, and put "Lender Referrals Request" in your message. We'll send them to you, pronto!