These days you have to prove your financial history to obtain a mortgage. It is important to get this upfront so that there is no surprises for you later on in the transaction. The process can be an easy one, but you must have these items together before it can get done. When you have a faster closing time, it means you might also be able to get a shorter loan “lock” time which can also translate into a lower interest rate on your mortgage.

Here is a list of the items that any bank is going to want to see before they can approve you for a loan.

1. Uniform Residential Loan Application

If you are applying for an FHA loan - Click Here

If W-2 or Salaried:

• W-2 for the past 2 years

• Pay-stub(s) for the last 30 days of employment

• Personal checking and/or savings account statements for the last two months, all pages

• Retirement account statements for the last three months

• Driver’s License

• Social Security Card

• Name of Homeowners Insurance Agent

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If Self-employed or 100% Commission (Sales):
(Bring all the above plus the following)

• Tax returns for past 2 years

• Year to date Profit and Loss Statement

• If set up as a corporation, Past 2 years of 1120 tax returns

• All W-2s and/or 1099s to accompany the tax returns

• Business License

• Business bank statements

• Name and contact information of your CPA

Again, getting a mortgage loan or refinance has become a more detailed since the days of the “no doc” loan of 2005.You are going to have to gather these items at some point, so get it done upfront to avoid frustration in the future.Make sure to get this all done in the beginning, and you will be glad you did.  So will your mortgage broker.

See more information and get a free book at www.MortgageVines.com