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BUT FIRST, MAKE SURE YOU HAVE EVERYTHING YOU NEED!

Residential Loan Application Checklist In general, the documentation you will need includes: Check for application fee Property Information (if you already have a contract on a house) Purchase Agreement. Copy of legal description and MLS sheet. If you are selling your current home, copy of listing contract. If you have sold your current home, copy of settlement statement (HUD-1). Income & Assets Pay stubs for the last 30 days.   For the past two years:   Names and addresses of each employer. W-2s Statements for each bank, mutual fund, and/or investment account for the last three months. Estimated value of personal property and furniture.   If you have made any large deposits to your accounts:   Explanation and source for deposit. If large deposit was a gift:   Signed gift letter (lender can supply). Copy of gift check. Copy of deposit receipt.   If you own more than 25% of a business:   Corporate or partnership tax returns.   If self-employed:   Tax returns for the last three years (with schedules). Year-to-Date Profit and Loss Statement prepared by an accountant.   If you own rental property:   Tax returns for the last two years and current rental agreements.   If you are retired:   Pension Award Letter.   If you receive Social Security:   Social Security Award Letter.   If you are counting child support as income:   Copy of divorce settlement. Copy of twelve months of cancelled child support checks. Debts Names, addresses, account numbers, balances and monthly payments on all current loans. Explanation of credit report anomalies, including:   Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens. Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers). VA Loans Copy of DD Form 214, Report of Separation. Miscellaneous Photo ID and proof of Social Security number. Residence addresses for the past two years. If applicable, a copy of your divorce decree. If you are not a citizen, a copy of the front and back of your green card.   LOAN APPLICATION INFORMATION What information will be needed for the application (and how it's kept private) Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure. Here is a list of the information mortgage lenders will use to consider your loan application. For all loans Social Security Number, for borrower and co-borrower if any Employment History For the last two years, employment dates, addresses, salary. Current pay stubs or W-2 forms. Check and Savings Accounts and Certificates of Deposit Location of bank accounts, account numbers and balances; Address of bank if out of town Last 3 months' statements Stocks, Bonds, and Investment Accounts Broker's name and address, description of stocks, bonds, etc. Last 3 months' statements or copies of stock certificates Life Insurance Policies Insurance company, policy number, face amount, cash value, if any Retirement Plan Approximate vested interest value Copy of latest statement Automobiles Make and model of automobiles, their resale value Other Assets Market value of personal and household property Liabilities and Other Non-Mortgage Debt Creditors names, addresses, account numbers Monthly payments and balances Other income information you may need If you're self-employed Two years tax returns, profit and loss statements, both company and personal if separate. Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA. If you have income from: Commission Overtime Bonus Partnership Rental Property Trust Notes Receivable Interest/Dividends You'll need two years' personal federal tax returns If employed in family business Personal federal income tax returns and all schedules for the past two years If divorced or separated Complete executed divorce decree and settlement agreement Payment history of alimony/child support over the past 12 months, if it is a financial obligation. If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits. If you own real estate Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances If you've sold your home but not closed: A copy of the sales contract If you've sold your home, closed, and you will use the proceeds for your new down payment: A copy of the HUD-1 Uniform Settlement Statement If you rent Name, address and phone number of landlords for the past 24 months If you're buying a home Purchase sales contract or offer to purchase and all addenda Furnish contract with original signatures of buyer and seller If a source of your down payment is a gift: Name, address and relationship of donor. Gift funds will be verified in both the donor and recipient's accounts. Note: Not all loan programs allow gifts to be part of your down payment. For FHA Financing Evidence of Social Security Number and photo identification For VA Financing DD214 and Certificate of Eligibility For Construction/Perm Loan Signed construction with cost breakdown, builder plan and specifications   Verifying Your Down Payment, Closing Costs, Assets, Income and Debts Application Checklist Use our Application Checklist to gather the  documentation requested by most lenders.   A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower.  Down Payment & Closing Costs Documenting that the down payment comes from your savings and that you will have savings and/or assets over and above the down payment gives the lender confidence in your strength as a borrower and your ability to repay the loan. Take extra care to document the sources for any monies to be used for the down payment or closing costs. Acceptable Down Payment & Closing Costs Sources Cash in a bank account Mutual funds / stocks / IRA / 401K Proceeds from the sale of another property Gift from an immediate relative   Assets Collect information about your personal assets that add to your net worth and help to prove your credit worthiness.  Common Assets Considered in a Mortgage Loan Application Stocks, bonds, mutual funds, 401K and retirement accounts Life insurance Personal property estimate - cars, boats, antiques, jewelry, etc. Other real estate or property Income and Employment The lender will want to confirm your current gross income and have evidence of stable employment. Documentation requirements vary depending upon a number of factors - including the source of income (hourly, salary, salary + bonuses, salary + commission, commission, self-employed, etc.). Debts Your lender will want to review a list of all your current debts. This along with your credit report will provide the lender with a snapshot of your obligations. The lender will want to confirm that you will not be overextended when the mortgage payment is added to your current debt load.

Five ways to make the loan process go faster

We should say that "working with us" is the first way! When you let us help you find the loan that's right for you, you truly are taking advantage of some of the area's best technology and expertise to get you a loan decision and funding on your loan quickly.

But here are five "other" ways you can speed up the process of getting a mortgage loan:

1. Have everything ready and in one place. Elsewhere on our website, you'll find a list of things you might need in support of your mortgage application. If you get them all together and keep them in a safe, portable place like a special pouch or folder, you can cut down on time spent rooting around for things we may need. Also, you'll help cut down on your own anxiety and confusion.

2. Be honest and complete when you fill out your application. "Fudging" your employment or residence history or omitting open credit accounts you'd rather not have considered doesn't increase your chances of getting a favorable loan. In 100 percent of cases, it makes it harder, and take longer.

3. Respond promptly to requests for additional information. During processing, we or the lender considering your loan may need additional information. Provide it as soon as you get the request, or return the call as soon as you get the message.

4. Be prepared to explain derogatory items in your credit report. This is really part of number 2 above. If you had an illness or a divorce where you missed or made late payments, or you have other instances of late payments or delinquencies on your credit report, be prepared to explain them. Be honest, and don't be nervous! The loan processor isn't judging you, they're trying to fill in all the blanks in their paperwork.

5. Let the appraiser in! The appraisal is one of the lengthiest parts of the mortgage loan process. Studies have shown that the single biggest factor in appraisal "lag time" is the appraiser's inability to reach the homeowner to make an appointment. If you're refinancing and the appraiser calls to make an appointment, make it as soon as convenient for both of you.

And remember that the appraiser doesn't want to buy your house. He or she will say what the house is worth clean and tidy and in reasonable repair, even if you have some dirty laundry on the laundry room floor or dirty dishes in the sink. Cleaning doesn't get you a higher appraisal! Letting the appraiser in as soon as possible gets you a loan faster, though.