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Complete Your Mortgage Loan Application Very Carefully
A mortgage application makes the case to the lender that you are a good credit risk, and that you will repay the home loan as agreed. A few of the things the bank will want to take into consideration include how much money you make, how much you have on hand in case of an interruption in salary, and how you have paid back other debts in the past. Most of this information comes from your credit report, but a large amount of it will be shown by the documentation included in your Orlando mortgage application.
Listed here is a list of the items you'll probably be asked for:
* Income Documentation - Your most current paycheck and W-2s from the last two years. In some cases you may be asked for copies of your tax returns, specifically if you are self employed or receive a large percentage of your compensation as commission or a bonus. If you receive income from another source for instance social security, a pension, alimony, or child support you'll be asked to document that as well.
* Asset Documentation - Your two most current statements for checking, savings, and investment accounts. This may include retirement accounts like an IRA, Roth IRA, or a 401k. Be sure to include each of the pages of each statement, even those that read "this page purposely left blank." That is the best way for those reviewing your application form to determine that there isn't any relevant information on those pages. If you own any additional real estate you will also be asked for information on those properties.
* Identification - Your driver's license, social security card, and proof of immigration status (if applicable.)
* Loan Details - A copy of the purchase contract and earnest money deposit in the case of an investment. For a refinance the approximate loan amount to be paid off.
* Depending on your particular scenario you may be asked for additional documents, like a divorce decree, separation papers, a gift letter if using gift funds to cover all or part of a down payment, a business license if independently employed, or an offer letter if starting a new job.
Always give copies rather than originals of all required documents while filling in your mortgage application. This will save you the trouble of having to wait for the original papers to be returned to you, and you can actually provide another copy in case something is accidentally misplaced.
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