In order for a mortgage can do to make accurate assessment of your current fund situation he is going to need the details. The approval of mortgage loan hinges on this aspect. The mortgage lenders generally ask you to sign a form authorizing and permitting them to make inquiries from your employers as well as making a request for your credit report. Mortgage lenders provide you with an incredibly lengthy list of documents that require the mortgage applications. These usually include the following:
Pay stubs for the most recent 30 consecutive days
Two most recent w-2 forms
Two most recent years federal income tax returns
Signed IRS form 4506 — the request for transcript of tax return
Up-to-date profit and loss statement and current balance sheet if you’re self-employed
Copies of past two months bank and investment account statements
Recent statements of all outstanding mortgages
Copy of declarations pages for homeowner’s insurance policies in force
Home purchase contract
Rental agreement for all rental properties
The federal and state tax returns for the past two years
Partnership federal tax returns for the past two years
Condo or homeowner association documentation
Title report, appraisal and survey report
Property inspection report and pest control inspection report
Receipts for deposit
This is a comprehensive list of what a mortgage lender can possibly ask for you. However, in most likely cases not all of the items will apply to you.
Introducing other typical documents
There are some other common forms that you are likely to find with different lenders. All mortgage lenders and brokers have some individual requirements that they might be need you to fill.
You should get a legal notice of your right to receive a copy of the credit report if you have paid for it. You can always request the appraisal report from the mortgage lender. In case your verbal requests get ignored you may resort to a more formal written application request for your appraisal report within 90 days of the rendering of a decision to approve or reject your loan.
Home Appraisals are useful documents to have in your file and you never know when they may come in handy. You will also know what properties were used to compare with yours in order to discover how appropriate the cost your home was.
Equal Credit Opportunity act is a federal law that a mortgage lender may not reject a mortgage application because of non-financial personal characteristics such as race, gender, marital status, agents of both. You also do not need to disclose income that you receive as a result of being divorced. However, listing out as much income as possible on a home loan application can improve the chances getting qualified for the amount of money that you want to borrow. If you have any reason to believe that the lender is discriminating against you you can contact and file a complaint with the state Department of national institutions, Department of real estate or whatever state division monitors the functioning of mortgage lenders in your state.