Application Tips

Application Tips

Provide all documentation that is requested. Any missing documentation is likely to cause a delay in your loan approval process. To obtain loan approval, you will typically need to produce:

  • Pay stubs covering most recent thirty days
  • W-2 statements covering the past two years
  • Bank statements covering the most recent two months (with all pages)
  • 401K, IRA, or Mutual Fund accounts showing most recent transaction summary
  • Stocks or certificates of deposit (copies)
  • Purchase and sales agreement (copy)
  • 12 months cancelled rent checks or the name and address of your current landlord (if applicable)
  • Fully executed divorce decree (if applicable)
  • Deed, hazard insurance policy, and most recent tax bill if you are refinancing (copies)
  • A letter explaining any known credit problems or fluctuations in income

If you are self-employed, paid by commission, or own real estate used for rental purposes you will need to produce:

  • Two years signed personal federal income tax returns including all schedules
  • If self-employed through a corporation, the last two years' corporate returns as well as a year-to-date profit and loss statement and balance sheet
  • If additional information or documentation is requested, please provide it immediately.

Other tips to consider:

  • Read all disclosures carefully and ask questions if you need clarifications. It is best to communicate all requests and clarifications in writing early in the loan process.
  • Ensure that the income you report on your application is the same income as that which is reported on your tax documents.
  • Inform your loan officer of any past credit problems.
  • Review your credit report carefully to verify its accuracy.
  • If you are thinking about obtaining any other type of credit before the closing of your loan, please contact your Loan Officer or Loan Processor beforehand.
  • When signing your closing documents, sign your name exactly as it is printed. For example, you may need to include your middle name or initial in your signature.

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