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A list for/of 10 things you absolutely need to get a non-conventional mortgage is indisutably a fairness.
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10 things you absolutely need to get a mortgage
By Forbes
Here is the "laundry list" of documents you will need to start a mortgage application. Photocopies are fine; you don't need to supply the originals.
- On our blog, 'Listed': Would you rather get a mortgage from Wal-Mart?
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10 things you absolutely need to get a mortgage
1. Driver's license (front and back)
This verifies your identity, compliant with the Patriot Act.
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10 things you absolutely need to get a mortgage
2. Secondary IDs (passport or Social Security card)
These are required as support for No. 1.
Slide show: 13 simple steps to a refi
- On our blog, 'Listed': New rules set limits on loan-originator pay
10 things you absolutely need to get a mortgage
3. Your most recent pay stubs for a period of one month
These are required for anyone paid W-2 salary or hourly wages.
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10 things you absolutely need to get a mortgage
4. W-2 forms from employers for the past two years
These prove employment and earnings history.
- On our blog, 'Listed': Would you rather get a mortgage from Wal-Mart?
- MSN Money: Is the mortgage tax break in danger?
10 things you absolutely need to get a mortgage
5. Signed federal tax returns (with all pages and schedules) for the past two years
Even if you are paid a salary — proves or disproves writing off income as unreimbursed employee expenses— these are essential for self-employed, bonus and commission income.
- Video: Mortgage-approval musts
- MSN Money: Refinancing? Check out this calculator
10 things you absolutely need to get a mortgage
6. Most recent bank and asset statements (all pages) for a period of two months
These provide evidence of sufficient assets for down payment, closing costs and reserves, as well as identifying the need for source of origin for monies deposited.
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10 things you absolutely need to get a mortgage
7. Fully executed purchase contract for the property you are buying
This is the reason for getting the mortgage in the first place, as well as the baseline for collateral appraisal and loan parameters.
- Video: Mortgage-approval musts
- MSN Money: Refinancing? Check out this calculator
10 things you absolutely need to get a mortgage
8. If refinancing, a copy of your deed
This lets the lender knows what property it is refinancing.
Slide show: 13 simple steps to a refi
- On our blog, 'Listed': New rules set limits on loan-originator pay
10 things you absolutely need to get a mortgage
9. Name, address and phone number of your landlord
If you are a renter, you need to verify that you are a timely paying tenant.
- On our blog, 'Listed': Would you rather get a mortgage from Wal-Mart?
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10 things you absolutely need to get a mortgage
10. Name, address, phone, fax numbers and email address for your attorney
This information is necessary to coordinate the closing.
Slide show: 13 simple steps to a refi
- On our blog, 'Listed': New rules set limits on loan-originator pay
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