Wednesday, September 22, 2010

Lender Checklist: What You Need for a Mortgage

*W-2 forms — or business tax return forms if you're self-employed — for the last two or three
years for every person signing the loan.*Copies of at least one pay stub for each person signing the loan.

*Account numbers of all your credit cards and the amounts for any outstanding balances.*Copies of two to four months of bank or credit union statements for both checking and savings accounts.

*Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.*Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.

*Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.*Copies of your most recent 401(k) or other retirement account statement.*Documentation to verify additional income, such as child support or a pension.
*Copies of personal tax forms for the last two to three years.
Realtor Magazine

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