What You Need For The Application Process
How many times have you asked yourself, “Why didn’t
someone tell me that?” With big purchases there are
always so many things that can go wrong or be forgotten that
it is helpful to have all of the information you need up front,
so you can be ready for whatever comes your way. It is no
different with applying for a mortgage. The application process
is long, but if you are prepared, it should go by smoothly
Here are some of the things you may need when applying for
a home loan, whether it is in-person, online or via telephone
so you will never again have to ask, “Why didn’t
someone tell me that?”
First, you will need verification of your income and employment.
This can be proven through paycheck receipts and W-2 forms
going back a couple of years. If you are divorced with or
without children you will need to provide all information
relating to the income you receive from that, dating back
one year or however long you have been receiving payment.
Applicants who work for themselves need to show tax documentation
If you are disabled, you will need to provide your social
security and income from disability information. Also, note
that if you own property for which you receive income, such
as a rental home, you must provide documentation of the income
you receive for that. Any form of income aside from the traditional
salaried income must be accompanied by tax returns for documentation
when applying for a home mortgage.
A copy of all financial records must be made available from
accounts you have through your bank, as well as any investments.
Keeping a current balance record of your finances, both income
and expenditures is advised to provide the most complete record
for your application.
If you would like to verify the necessary documentation needed
when applying for a mortgage through National City Mortgage,
contact a mortgage representative today.