Your loan application is one of the first steps toward getting the ball rolling on your home financing. You can fill out a loan application with your loan officer or, depending on the lender, you can start the process over the phone or online. If you’ve previously been preapproved, you may have already provided some of the needed details.
To complete the loan application, the lender with whom you are applying will ask for information regarding your employment, your finances and the home you are purchasing. Be prepared to provide the following documentation and information:
- Purchase agreement
- Sales contract (if required)
- W-2s and federal tax returns from the last two years
- Paystubs from the last 30 days
- Bank statements for all accounts (including investments) from the last two months
- Loan payment information (such as auto loans, credit cards and so on)
- Divorce decree (if applicable)
- Evidence of alimony or child support (if applicable)
- Earnest money deposit receipt
- Attorney and realtor contact information
- If self-employed, business tax returns and certified profit-loss statements
- Application fee
- Driver’s license and Social Security card
- Two-year residency history
Not all the items listed above are required for all loan applications. However, additional documentation (other than that above) may be required for certain loans and borrowers. Regardless, the timely delivery of all the documentation requested for your loan to the loan officer with whom you are working will help keep the loan process on schedule.
Looking for more information on buying a home? Our Hipotecas 101 is the ultimate guide for First Time Home Buyers.