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Loan Checklist

Checklist items
1) Property Related Documents
  • A copy of sales contract, executed by all the parties.
  • A copy of deed (in case of refinanced homes).
  • Location details of the property (complete address).
The lender requires these documents to examine the terms of the sale and property transfer deed and ensure that everything is in place.
2) Documents Related to Your Employment History and Income
  • W-2 forms for the last two years
  • Tax returns for the past two years
  • Most recent paystubs  (the last 30 days)
  • Most recent P&L statement (for self-employed borrowers)
  • Employment history for the past two years (the name and contact details of the employers).
Note: In case the borrower is unemployed for the past couple of years, they must write a note providing reasons for the gap. Income and employment related documents are used by the lender to assess the risk of lending to the applicant. Lenders weigh these documents heavily when evaluating the borrower’s creditworthiness.
3) Documents Related to Your Personal Info
  • A copy of your driving license
  • Your Social Security Card
The lender uses these documents to verify identify and comply with federal regulations.
4) Documents Related to Your Personal Info
  • Your housing expense
  • Most recent bank statements (last two months)
  • 401 K statement
  • A list of assets such as stocks, bonds, and real estate holdings (if any).
  • A list of outstanding debts such as medical bills, and student loans.
The lender uses these documents to calculate your debt-to-income ratio. Borrowers with a healthy debt-to-income ratio represent less risk , which enhances their chances of securing an approval.
5) Documents Related to Your Personal Info
  • A copy of any divorce and/or child support order, if applicable.
  • Bankruptcy papers, including discharge papers, if applicable.
  • Documents showing the source of any large deposits outside your payroll.
Note: Borrowers are also advised to attach a note (along with supporting documents) detailing the circumstances that led to them declaring bankruptcy, or having a foreclosure. Borrowers having late payments must write a note explaining the reasons that forced them to fall behind their payment schedule.
"Loans are what we do, not who we are."
- CEO, Steve Jacobson
Done with your checklist?

If you think you’ve got a handle on the documentation needs
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OUR PHILOSOPHY

“Loans are what we do, not who we are.”
– CEO, Steve Jacobson

Frequently Asked Questions

This may vary depending upon the specific type of mortgage you are applying for, as different agencies will need to be involved in the process. Typically the process plays out in a month or less, though some will go quicker. It is not uncommon to have the mortgage application processed within 10 days. It is critical that you get the application entirely completed, so that you can avoid any delays along the way.

The main thing that can delay the approval of a loan is failing to properly and completely fill out the applications. It is also important that you be completely honest on the applications, as any discrepancies may cause delays. In addition, changing jobs, having a change in your salary, changing your marital status or taking on additional debt can delay the approval of a loan.

Closing costs include items such as taxes, title fees and hazard insurance. Sometimes what is included in closing costs varies, and it can be impacted by the negotiation process on the sale price of the home, as the homeowners may or may not cover certain closing costs. You’ll want to have some money set aside to cover your closing costs.

Prepaids are items that you as the homebuyer pay at closing. This is a payment before the actual due date. These may be necessary depending upon the details of the closing. They include taxes, hazard insurance and other various assessments.

After you close, you’ll receive a letter that includes all of the dates and information that you need. If you want further details while you are closing, you should inquire about the specific due date of the first payment.

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