Home Loan Closing Documents that are Needed:  Are You Considering Borrowing To Purchase Your Home—You'll Need These Documents Ready...

If you are considering purchasing a home or refinancing—you can go to quickenloans.com or lendingtree.com along with local mortgage lenders in your area—to determine what loan will best suit you—and your family.  You can compare closing costs, APR's and Par rates to determine what loan will best serve your—and your family's long-term interests.

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Home Loan Documents Needed When You Apply For A Loan

You can apply for a mortgage before you find a house to buy. Here is a list of documents you'll need to apply for a loan.

The best plan? Plan Ahead. The best way to make the application process easier and faster is to be prepared for it.

You should know the kind of information that you'll be asked to provide, and have it all assembled and ready to use BEFORE you start to fill out the application.

If properly prepared you will find that the process can go fairly quickly. Keep in mind that each lenders requirements may vary somewhat.  In addition with paperless offices now in full swing—you may be able to obtain a mortgage without actually meeting with the loan officer.

In addition, be sure you are aware of the new (2015) closing and refinancing guidelines that can benefit you and your family!

If you desire to make your home loan process as smooth and seamless as possible, go ahead and gather the following documents and put them in one folder:

• A list of your financial obligations.

• The addresses of your past two residences. If you rented, include the name of your landlord. 

• If you owned a home, include the name of your mortgage holder.

• The names, addresses and phone numbers of all your employers for the past two years. (For all borrower's)

• Your most recent pay stubs for 30-days and W-2 tax forms for the past two years. (For all borrower's)

• Any documents that support your claims of income from sources such as Social Security, pensions, interest and dividends. ( For all borrower's)

• If you're self-employed, two complete tax returns for the past 2 years, plus financial statements for both the company and yourself.

• Written explanation (if there are gaps in your employment).

• Records of Dividends and Interest received from any investments.

• Proof of any other income you rely upon.

• A copy of your divorce decree and settlement agreement if you're divorced and you claim or are paying alimony and/or child support.

• The purchase and sales contract, if you find a house before you apply for a loan and contact information of the real estate agent.

• If new construction a complete set of plans and architectural specifications will be required if the home is yet to be built or is still under construction.
  
  
  

List Of Assets And Liabilities

ASSETS:

• All Bank Accounts

• Bank Statements

• Current Value of Stocks, Bonds, CD's and other investments

• Vested Interest In Retirement Funds

• Life Insurance Information

• Automobile Information

• Real Estate Information

• Value Of Significant Personal Property

• Where You Will Get Funds For Down Payment, Closing Costs, And Other Fees

For FHA/VA Application:

• Copy of Drivers License Or Other Photo ID (now needed for all loans)
  

• VA Certificate Of Eligibility Or DD214.

LIABILITIES:

• An Itemized List Of Current Debts

• Credit Report (Most Lenders Will Pull One For You, However It Is Best That You Know Your Credit Info And Credit Score Prior To Meeting With Loan Officer).

• If You Have Any Reason To Believe That Your Credit Report May Contain Incorrect Information, You Should Make every Effort To Correct It Before You Make Your Application.

• If you Have Had Credit Problem's, Don't Try To Hide Them. Clean Up As Much As You Can Prior To Meeting With Loan Officer. If Problems Persist, Tell Your Lender Candidly, And Explain What Happened.

• You May Be Able To Provide A written Explanation Of The Circumstances To Your Lender, And Your Explanation Will Be Considered During The Approval Process.

If You Are Unable To Get A Loan At This Time Continue To Make Timely Payments On All Of Your Accounts And Your Credit And Credit Score Will Improve Significantly Within The Next 12 Months—Assuming, You Have No Judgments, Foreclosures, Tax Liens, Bankruptcy, Or Other Severe Unpaid Debts On Your Report!

Look At The Whole Situation As Being—This Is Not The Time For Me To Purchase My Home.

Get In Proper Position To Purchase With A Properly Funded Emergency Fund And A Positive Credit Situation.

By Doing So You Will Get A Competitive Loan And You Will Be Glad You Did It The Right Way.

As You Purchase And Enjoy Your Home In The Future You Will Be Thankful That You Did Not Rush Into The Purchase Decision When You Were Unprepared.

Be sure to visit the SITE MAP page to learn more empowering ways that you can make your home purchasing or home selling process work better for you and your family.

About This Article:

 

The above article was written by Thomas (TJ) Underwood.   Thomas (TJ) Underwood is an active real estate broker in the state of Georgia and is the writer behind The Wealth Increaser, Home Buyer 411,  Home Seller 411, The 3 Step Structured Approach to Managing Your Finances, Managing & Improving Your Credit & Finances for this MILLENNIUM and CREDIT & FINANCE IMPROVEMENT MADE EASY—FREE GUIDE. 

He is the creator of TheWealthIncreaser.com where he regularly blogs about helping consumers improve their credit, finance and real estate pursuits in an intelligent, consistent and proactive manner.  He’s always looking for ways to make intelligent finance improvement happen for those who “sincerely desire” success in their future. 

You can contact him from a number of sources but the most direct way is to contact him through the contact us block that can be found at the bottom of this page. 

You can also get other highly relevant tips on "living your life more abundantly" and possibly earn revenue at the same time by linking to TheWealthIncreaser.com.

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