Introduction Applying For Your Mortgage For many home buyers, the process of applying for their mortgage is one of the most stressful financial transactions they ever make. It seems your lender wants to know everything about you and your finances. And you worry something will not be "up to par." But if you know what to expect and what your lender is looking for you’ll find applying for your mortgage isn’t so bad after all. It’s still time-consuming, but there’s no reason for it to be difficult. This material will help you know what’s coming when you apply for the mortgage that could pay for the house of your dreams!

Table of Contents   Section 1: What to expect when you apply for your mortgage Section 2: Your application checklist Section 3: What happens after you’ve applied Section 4: What you can do after you’ve applied Section 5: Getting the word and what’s next Section 6: Glossary of terms

Section 2: Application Checklist

Your Application Checklist

The information you might need to provide in a convenient checklist.

Please note that all requested information must be provided by you and your spouse (or other co-borrower(s)).

• Purchase contract and property information
  • Complete copy of the sales contract
  • Mailing address and property description
  • Contact information for access to the property
  • Plans and specifications (new construction only)
• Personal information
  • Social security number
  • Age
  • Years of schooling
  • Marital status
  • Number and age of dependents
  • Current address and telephone number
  • Addresses for past seven years (if more than one)
  • Current housing expenses (rent, mortgage, insurance, taxes)
  • Name and address of landlord/mortgage holder (past two years only)

• Employment history and income
  • Two years of employment history, with complete details of each job
  • Recent pay stubs and 2 years of W-2 forms
  • Complete tax returns and financial statements if self-employed
  • Written explanation of employment gaps
  • Records of dividends and interest receive
  • Proof of other income

• Assets
  • Complete information on all bank and money market accounts
  • Two months of bank statements
  • Current values of stocks, bonds, mutual funds and other investments
  • Vested interest in retirement funds
  • Value of life insurance
  • Information on any cars you own
  • Information on any real estate you own
  • Value of any significant personal property you own
    
• Liabilities and debts
  • Itemized list of all current debts: loans and credit card and other bills
  • Written explanation of any past credit problems
  • Full details of bankruptcy during the last 7 years, if applicable
• Fees
  • Credit report and appraisal fees (usually $500 or less)