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Complete Your Mortgage Application Form Vigilantly
A mortgage application makes the whole case to the lender that you are a good credit risk, and that you will payback the home loan as agreed. A number of the things the lender will want to consider include how much money you earn, how much you have on hand in the event of an interruption in salary, and just how you have paid back other debts in the past. Much of this information comes from your credit report, but a good portion of it will be revealed by the documentation included in your Orlando home loan application.
Listed here is a list of all of the items you'll probably be asked for:
* Income Documentation - Your most recent paycheck and W-2s from the past two years. Often you might be asked for copies of your tax statements, specifically if you are running your own business or receive a large portion of your compensation as commission or a bonus. If you receive income from another source like social security, a pension, alimony, or child support you'll be asked to record that as well.
* Asset Documents - Your two most current statements for checking, personal savings, and investment accounts. This may include retirement accounts such as an IRA, Roth IRA, or a 401k. Be sure to include all the pages of each and every statement, even those that read "this particular page purposely left blank." This is the best way for those reviewing your application to determine that there isn't any pertinent information on those pages. If you own any additional real estate property you will also be asked for information on those properties.
* Identification - Your driver's license, social security card, and evidence of immigration status (if applicable.)
* Loan Details - A copy of the purchase written agreement and earnest money deposit in the case of an acquisition. For a refinance the approximate amount of the loan to be paid off.
* Depending on your specific circumstance you may be asked for additional documentation, like a divorce decree, separation papers, a gift letter if making use of gift funds to cover all or part of a down payment, a business license if self employed, or an offer letter if starting a new job.
Always provide copies instead of originals of all important documents while filling in your mortgage application. This will help you save the trouble of having to wait for the original papers to be returned to you, and you'll be able to provide another copy in case something is inadvertently misplaced.
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