Mortgage Matters: The Application
When you’re finished with research and you’re ready to buy a home, it’s time to apply for financing. To make the process as quick and easy as possible, gather the documents and information you’ll need before you start the application.
General Info:
- Residence addresses for the last two years
- Name and addresses of employers from the past two years
- If applicable, name, address, and phone number of landlord or land contract holder
- If applicable, divorce decree and final property settlement
- Be ready to produce a written explanation of any current or past credit problems
Income:
- W2s for the past two years
- Paycheck stubs from the most recent 30-day period
- If self-employed, two years’ personal business tax returns and current profit and loss statements
- Child support – most recent 12-month history for local courthouse or copies of most recent 12 months cancelled
Assets:
- Monthly statements from the last two months for any checking and savings accounts
- Monthly statements from the last two months for any investment and retirement (401k/IRA) accounts
- Copy of land contract, if applicable (if you own land outright)
Liabilities:
- Copy of executed order for child support/maintenance
- All outstanding loan and credit card payments and balances
- Copy of land contract, if applicable (if you owe on it)
These are the items and info you need to apply for a mortgage with Centra. Other lenders may require additional information. Having this together before you start the application process will mean less “back-and-forth” and a quicker loan turnaround.