Mortgage Loan Documentation - Information and Advice
"Get the lowest mortgage loan rates and best home
equity loans."
Mortgage Loan Documentation
Be sure to respond promptly to your lender's requests for information while
processing is taking place.
Be prepared to provide the following mortgage loan documentation:
- The final purchase contract for the house or condo.
- Pay stubs for each applicant, showing earnings for the last 30 days and
year-to-date earnings. These must be computer-generated or typed originals that
identify the employer and the employee's name.
- Last year's W2 and 1099 for each applicant.
- If you're self-employed, the
lender may require your personal and business tax returns for the previous two
years. You'll also need your company's year-to-date Profit and Loss statement.
- Account numbers for all bank accounts, along with account statements for the
past two months.
- Two most recent statements for stock brokerage accounts.
- 401k or pension earnings statements for the previous two quarters.
- Information about debts, including loan and credit card account numbers and
the names of your creditors.
- Evidence of your existing mortgage or rental payments, such as canceled checks.
- An irrevocable gift letter if you are receiving a monetary gift from a
relative.
E-Loan has the most flexibility on mortgage loan documentation. Click here
for
current mortgage rates.
Related Pages
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- How to get the lowest rates on mortgage financing - Sources for mortgage
financing - Tips on getting the lowest rates, even with bad credit.
Selecting
The Right Mortgage - How to choose the right mortgage based on your
lifestyle - Advice on the best mortgages for different phases of life, future
income changes, and risk levels.
Down Payment and
PMI - How to leverage your down payment - Buy a larger home where
your equity grows faster and avoid PMI using a two-loan strategy. Learn the 100%
financing technique. Avoid paying for private mortgage insurance (PMI) on any
mortgage where you put less than 20% down.
Interest
Only Mortgage Loans - Get the scoop on interest only mortgage loans -
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without paying to create it.
Adjustable Rate
Mortgages - Information on adjustable rate mortgages - Adjustable
versus fixed rate mortgage - pros and cons of each type of home loan.
Applying For A
Mortgage - Tips on how to apply for a mortgage - What to look out for
when applying for your next home mortgage loan.
Bad Credit
Mortgage Loans - Information and tips about bad credit mortgage loans
- How to get the best possible rates on poor credit home loans, refinance, and
home equity line of credit borrowing.
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