Loan Approval Process
In today’s mortgage market, we verify income, assets and credit history as part of the loan approval process. Below are the typical documents we collect:
Income for a W2 Wage Earner:
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Pay Stubs which cover the most recent 30 days of pay
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W-2’s for the previous 2 years
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Employment Contract (if new job)
Income for a Self Employed individual:
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2 years signed and dated personal tax returns (complete)
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2 years 1065 or 1120 returns (if applicable)
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Current Profit and loss statement
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Business License
Do you own investment Properties? If so, please also have ready:
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2 years signed and dated personal tax returns
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Rental Agreements
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Mortgage Payment information or proof of clear title
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Insurance Declaration Pages outlining annual premium
Assets:
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Most Recent Bank Statements for the previous 2 months
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Most Recent Mutual Fund, Stock or other investment statements
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Most Recent Retirement fund statements
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for all Asset accounts we must have all the pages from your statements, even if the final pages are “intentionally left blank” or are check reconciliation worksheets
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Miscellaneous:
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Complete Divorce Decree/Bankruptcy Papers (if Applicable)
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Home Insurance Company contact details
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Identification: state issued ID, Passports or other official identification
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A complete list of where you have lived for the past 2 years and landlord contact details if during the past 2 years you were a renter