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North Shore Mortgage Tips |
Which documents you
need will depend on what type of loan you get. As your North Shore real estate agent, I am here to fill you in on the basics, so you can
start collecting documentation now.
If you are employed,
get a regular W-2 every year, and are applying for a conventional
mortgage loan, here are the documents you typically need:
1. ID of some sort,
such as driver’s license or passport.
2. Proof of income.
This could include pay stubs for last 30 days, last two federal tax
returns, last two W-2s, and proof of any additional income, such as
social security, alimony, etc.
3. Proof of accounts.
Last two statements for all bank accounts, including statements for
investment or retirement accounts.
4. Property. Bring
settlement statement from any previous home sales, if applicable.
5. Other. If you rent,
bring contact information for your landlord for the last two years.
If applicable, bring a divorce/separation agreement or property
settlement agreement.
6. If a family member
is gifting you money for your home purchase, a mortgage lender will
have a gift letter for them to fill out.
7. A letter of
explanation for late payments, collections, etc. in your credit
history, if applicable.
For an FHA loan, the
same documentation is needed. If you have 1099s instead of W2s, bring
the last two of those.
If you are applying
for an investment property loan, bring all of the above, plus
settlement statements on any recent home sales, recent mortgage
statements on all properties you own, proof of insurance for all
properties, and current leases for all rental properties.
If you are
self-employed or own a business, bring all of the same documentation,
plus the last two years’ Corporate, S-Corp, LLC or partnership tax
returns. You also may need the last two months’ profit-and-loss
statements, balance sheet if applicable, and current business
license.
If applying for a VA
loan, you’ll need all of the above, plus a certificate of
eligibility (COE) from the Veteran’s Administration. This may
require form DD-214 for certificate of release or discharge,
statement of service if still on active duty, or form 26-1817 or form
21-534 for surviving spouses.
For a USDA loan,
there are many additional forms involved. You can find more
information on all of these document requirements in this House Logic article.
Start going through
your documents and gathering them together, so when you make an
appointment with a mortgage lender for a pre-approval, the process
will be quick and painless! If you wish your credit score was higher
or your debt was lower, spend some time working to improve those
numbers before applying for a loan.
Mortgage rates are
at record lows right now, so don’t wait to apply! When ready to buy
in Glencoe, Winnetka, Highland Park, Deerfield, Northbrook, Lake Forest, Wilmette, Evanston, Glenview, Riverwoods, Bannockburn, or other North Shore communities, give me a call. I am your North Shore real estate agent, here and ready to help!
Janie Bress
Your North Shore Real Estate Expert
North Shore Real Estate
View North Shore Listings
Visit My Website
Your North Shore Real Estate Expert
North Shore Real Estate
View North Shore Listings
Visit My Website
Local Expert... with National Connections!
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