The following information is usually required during the loan process:
- Completed loan application
- Your Social Security Number
- Current pay stubs or, if self employed, your tax returns for the past two years
- Bank statements for the last two months – all accounts, all pages
- Investment account statements for the past two months
- Life insurance policy
- Retirement account statements for the past two months
- Make and model of vehicles you own and their resale value
- Credit card account information
- Auto loan account information
- Personal loan account information
If you currently own real estate:
- Mortgage account information
- Home insurance policy information
- Home equity account information (if applicable)
Things you SHOULD NOT DO when buying a home….
- Change jobs, become self-employed or quit your job.
- Buy a car, truck or van (or you may be living in it!)
- Use credit cards excessively or let current accounts fall behind.
- Spend money you have set aside for closing.
- Omit debts or liabilities from your loan application.
- Buy furniture or any other large ticket items cash or on Credit
- Have ANY inquiries into your credit. New credit Cards or loans.
- Make large cash deposits without checking with your loan officer.
- Change bank accounts.
- Co-sign a loan for anyone.
Always consult with your lender before committing to anything that could affect your loan.