When buying a new home, it's very important
that you start the mortgage application
process as soon as possible, and formally
apply for the mortgage. At T.W. Lewis,
we require a pre-qualification letter from each buyer's
lender before starting construction, so
any delays in applying for a mortgage could
also delay the start of construction.
 Every lender will differ slightly with regard
to which documents and forms they require.
Similarly, your individual situation may add
or delete requirements from the mix. To help
you get organized, the following is a list
of documents or information that most lenders
will need to process your application. (Please
keep in mind that if there is more than one
applicant, you will probably need to provide
this information for each person.)
1) Photocopies of last two consecutive
months' complete statements on all asset
accounts, including banks or other financial
institutions, stock accounts, retirement
accounts, pensions, 401(k) accounts, etc.
2) Photocopies of consecutive current pay
stubs covering the most recent 30-day pay
period for all borrowers.
3) Bring Photocopies of W-2's and 1099's
from the past two years.
4) Evidence of any other income you wish
to be considered, such as social security,
retirement, note income, alimony and/or
child support, or rental income.
5) If you are self-employed, or a partner
in a business, bring along the past two
years tax returns and a year-to-date profit
and loss statement and balance sheet.
6) History of residence for the past seven
years, including previous and present mortgage
and/or landlord's name and address.
7) Information on any other real estate
owned by either applicant.
8) Lease agreements for any rental property
you own.
9) Current balances, monthly payments and
lender addresses for all revolving debts
(credit cards, car payments, student loans,
etc.)
10) Payment for credit report and appraisal.
11) If divorced, copy of complete divorce
decree or separation agreement.
12) If applicable, proof of Social Security
income with a copy of the Award Letter.
Also, a copy of a recent check or a copy
of the bank statement showing direct deposit.
13) If retired, proof of your retirement/pension
income, with a copy of the benefits letter,
copy of check, tax returns and/or W-2 forms.
14) If applicable, most recent copy of
employer's 401(k) or IRA statement.
15) If applicable, complete copies of bankruptcy
and discharge papers.
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