Applying For Your Loan
Congratulations! You’ve made the first step toward new home ownership by selecting a home and completing the purchase and sale agreement. The next item you will need to take care of is the selection of a lender and completion of a mortgage application. Plan to accomplish this within five business days of signing your purchase agreement and take the completed purchase agreement with you when you first visit your lender. If you have not selected a lender, Harbour Homes has several Listed lenders who have proven to be professional in every aspect of the home loan process.
Your lender's job is to understand your particular financial circumstances completely. You will review all information on the application at your meeting with the loan officer. A situation rarely arises that your loan officer has not encountered in the past. Do not hesitate to discuss any questions you have regarding your assets, income, or credit. By providing complete information, you prevent delays or extra trips to deliver documents.
Loan Application Checklist
The amount of documentation and information required for a mortgage can seem overwhelming. You can facilitate the application process by collecting as much of the needed information as you can before your appointment. The checklist that follows is a general guide to assist you with the loan application. Some of the items listed may not apply to you and your lender will probably request some items that we have not mentioned, but this list will get you off to a good start.
Property Information
The purchase agreement will include the legal description of the property you are purchasing and the price you are purchasing it for.
Personal Information
Social Security number and driver’s license for each borrower. Home addresses for the last two years.
Divorce decree and separation agreements, if applicable.
Trust agreement, if applicable.
Income Most recent pay stubs.
Documentation on any supplemental income such as bonuses or commissions.
Names, addresses and phone numbers of all employers for last two years.
W-2s for last two years. If you are self-employed or earn income from commissioned sales, copies of last two years of tax returns with all schedules and year-to-date profit and loss for current year, signed by an accountant.
Documentation of alimony or child support, if applicable and if this income is considered for the loan.
Real Estate Owned Names, addresses, phone numbers and account numbers of all mortgage lenders for the last seven years.
Copies of leases and two years of tax returns for any rental property.
Market value estimate of current owned real estate.
