This is a question we frequently get from our first-time home buyers, and it is a very good one. About 10 years ago when the housing bubble burst and there were many loan defaults and delinquencies, the banks tightened their requirements for mortgage approval.
We have found that the best way to secure mortgage approval is to prepare a “loan application information file” to provide to the loan officer when you first meet with them. By having all of this information ready at that time makes the approval process much easier and also demonstrates to the lender that you are proactive in the application process. Trust us, this definitely saves you time and stress!
Here are the items that you should have ready to provide the loan officer when you go to apply for your loan:
- Driver’s License
- Social Security Card
- Employment History
- Tax Returns (if self employed)
- W-2 Forms for past 2 years
- Current Pay Stubs (for last 4-6 pay periods)
- Proof of any current Pension or Social Security Income
- Residence History for past 2-5 years
- Lease/Rental Agreements (if applicable)
- Copy of Homeowners Insurance (if refinancing)
- Copies of past two Bank Account Statements
- Copies of past two quarters of any IRA or 401-K Statements
- Mortgage and Account Numbers
- Monthly Debt Information (car loans, credit card debt, etc)
- Divorce Decree (if applicable)
- Construction Loans (specifications, plans, land survey/plat map, contract, etc)
- Sales Agreement
A few lenders who our Clients have found to be easy to work with for their log or timber frame home mortgages include:
We hope this information proves useful to you and that you find having this information with you makes your mortgage/loan approval process go smoothly and stress-free! And, of course, that you enjoy living in your new lag, timber frame or hybrid home just as we do our own.