The mortgage application process, even for pre-approval, requires a lot of financial and background information. Remember the lender will also ask you to authorize a “hard” credit check which will temporarily reduce your credit score which won’t have an impact unless you are close to a lower rating tier. Check out the post – Buyer Basics: Ways to Boost Your Credit Score if you think you are close to being in a higher, thus better rated, FICO score tier.
Here is a list of the most common documents any mortgage lender is likely to ask for you to provide:
- Up to 3 most recent paystubs to verify employment income
- 2-3 years of Federal tax returns
- 2-3 months of all bank statements, including savings account. The lender will also want to know the account being used for the down payment.
- Investment account statements (401k, IRA, etc.)
- Life insurance, if applicable
- Driver’s License
- Mortgage statement, if applicable
- Property tax bill
- Homeowner’s Insurance policy declaration page
Note if you are filing jointly for the loan, both applicants will have to supply this information. The lender will likely have an online application form that will ask for additional background information, such as your Social Security number, date of birth, and other personal details.
The process typically takes a few days from the point of submitting the required forms and documentation, so plan accordingly.
If you live in Hendersonville, NC, contact Paul Heathman a loan mortgage officer at HomeTrust Bank.