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The Loan Process
Whether you work with a mortgage broker or directly with a lender, the following is a list of documents generally required when applying
for a home loan. To make the process as fast and easy as possible, have these items available when you're ready to complete your application.
- Proof of income - You'll usually be required to show original pay stubs for the last 30 days.
- Copy of homeowners insurance - This is to verify that you'll have sufficient coverage on the property.
- Copies of your W-2 forms - Required for each applicant, this will help your lender verify employment and income history.
- Copies of asset information - This includes any accounts where money may come for closing. You may need to provide statements
for your savings, checking and 401K accounts; as well as investment records for any mutual funds or stocks.
- Copy of title insurance - This will help your lender verify the legal description of the property, the taxes, and the names
on the title.
- Most recent mortgage statement - This is to verify account numbers and balances due on the first and/or second mortgage(s).
Your Mortgage Banker will let you know exactly what documentation you'll need to get approved but keep in mind that
the more information you have ready before you apply, the faster your loan will close.
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