When applying for a home loan, there will be a variety of documents and information that you should keep on hand. Here's a quick summary of all the possible information you need to share to your loan company as you apply for your home loan:
Personal Info
Personal information needed includes your and your co-borrower's social security number and date of birth. Any divorce or separation documents should also be shared including the copy of the decree or agreements, alongside all amendments with a one year alimony and child support payment history.
Furthermore, if you do not have a 2 year job history, you're gonna have to submit your academic transcripts and/or diploma.
If you are a homeowner, you also need to share your address, your property's value, your current lender's details, account number, outstanding balance, and monthly payment amount. For renters on the other hand, your address should also be shared alongside the details about your landlord (name, address). You should present a proof of lease and share how much you pay monthly. If you have been renting your current home for less than two years, you should also share info about your previously rented homes.
Employment Details
For your job details, you have to share your employer's basic info such as names, contact numbers, and addresses. Your two most recent pay slips should also be be brought and these docs should state your year-to-date earnings. If self employed, you should bring docs stating your profit and loss sheet for the last couple of years.
Financial Information
Your two year recent W-1 tax forms and returns should be presented alongside your bank account details, account numbers and balances. Your assets should also be proven, which is why you should bring a statement of your current assets. This shall include your Individual Retirement Accounts, Certificates of Deposit, and any stocks or bonds that you have. If you have investments, you should show your brokerage statement that states the stocks' name, amount per share, and number of shares.
Any personal property's value should be disclosed, including all valuable collections (cars, furniture, life insurance, etc.) and employee retirement accounts.Credit info should also be presented and this shall consist of your creditors' basic details and your payment info as well (monthly payment and total due for all current debts). If you have rental properties, you should share your federal tax returns, schedule of all real estate properties, account numbers and addresses of mortgage companies (if property is under a loan), and a copy of the current lease (if the property is rented).
Details About The Home Being Refinanced
You would need to present a recorded deed, the title insurance, and the home owner's insurance. A recorded deed is necessary to show the property's legal owners. The title insurance will help the loaning company verify the property's taxes. The home owner's insurance will then show that your insurance is sufficient to cover the property.
