Applying for a home loan is quite a process. A good place to get familiar with the process is the home loan application. I made a video awhile back showing the different sections of the loan application:
Some things to know when you apply for a home loan:
- Detailed residence history for the last 2 years
- Detailed employment history for the last 2 years
- Knowledge of your various bank accounts, retirement accounts, and other liquid assets
- Social Security number
- A good idea of your credit history – dates of bankruptcy discharge, etc
Obviously, there’s more to it than that. But those items might be things you wouldn’t usually think about. It helps to have the following put together when you fill out the loan application:
- Most recent 30 days of paystubs for all borrowers
- Most recent bank statements; all pages, all accounts
- Most recent retirement or 401k statements
- Last 2 years Federal tax returns; all pages, with w2s
- Business tax returns if applicable
- Divorce decree/child support paperwork if applicable
- Award letters for Social Security/VA/Disability if applicable
- Pension letters/Annuity statements if applicable
- Bankruptcy Discharge paperwork if applicable
That sounds like a lot of stuff to put together, but the truth is it will help your Mortgage Professional put your application together, and the underwriter will need to document and verify all of those items anyway.
You might as well begin prepared.
For more information about the home loan application, and a copy you can download and get familiar with, check out my website. I try to provide valuable information about home loans in Oregon and Washington, rather than empty sales pitches. Thanks!
Jason Hillard – homeloanninjas.com
Mortgage Advisor in Oregon and Washington MLO#119032
Pinnacle Mortgage Bankers
a div of Pinnacle Capital Mortgage Corp
1706 D St Vancouver, WA 98663
NMLS 81395 WA CL-81395
- Home loans continue to slow (confused.com)
- HMDA: How We Do It (policymap.com)
- Home Loan Underwriter Classes (themortgagepot.com)
- How to Know if You Qualify for a House Loan (thinkup.waldenu.edu)
Great article Jason! This posting should be shared with friends and family considering submitting an application for a loan.
Thanks Fred – it’s part of a larger series I;m working on. Lots of people I talk to don’t know where to start when it comes to applying for a home loan. That is unacceptable in the Information Age – so I will happily be the one to put it out there Thanks for letting me post here!!