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PREPARING TO APPLY FOR A MORTGAGE

Lenders will need a lot of information about you. Without the information they will not be able to process your loan. Be prepared to get them the information they need quickly. Better still, have it with you when you make your application.

Most lenders require the following:

• At least three month’s bank statements (all checking, savings, brokerage and 401(k) accounts) for each person named in the loan application.
• A list of any assets of value, i.e., stock and bonds which are not held in a brokerage account, boats, planes, RV’s, etc.
• Copies of W-2’s or business tax returns for self-employed individuals, for the last two to three years.
• Copies of personal tax returns for the past two to three years.
• Copies of all current credit card statements showing the amount you owe. They will also want the Customer Service phone number for each of the cards.
• Copies of all installment loans due showing lender and amount owed on car loans, student loans, etc.
• Verification of additional income such as pensions, court-ordered child support or structured settlements.
• Copies of Divorce Decrees or Death Certificates of any party to the loan who was previously but is no longer married due to divorce or death.
• Addresses of residences for all applicants on the loan for the last seven years along with the names of landlords or managing agents.