Buyers


Loan DocsThe home buying process can be many things, some of which are not pleasant.  For instance, if you are not pre-approved with a mortgage loan broker, you may be spinning your wheels, looking at homes that you cannot afford.  So, rather than getting your hopes up only to have them dashed, follow these steps to become pre-approved prior to visiting open houses.  It will save you time and undue angst.

1.  Meet or speak with loan officer

2.  Complete loan application

3.  Provide last two years’ personal federal tax returns complete with all schedules attached

4.  Provide last two years’ W2s and 1009s (if applicable)

5.  Provide last 30 days’ consecutive paystubs

6.  Provide two consecutive months’ bank, savings, checking, money market, stock pension and IRA accounts.  Include all numbered pages!  Documents must be copies of your paper statements or downloaded as PDFs from your bank’s website.  There is usually a link to download your statements.  Webpage printouts/screenshots are not acceptable

7. For retirement accounts, your most recent quarterly statements

SELF-EMPLOYED BORROWERS NEED TO PROVIDE THESE ADDITIONAL DOCUMENTS:

1. Last two years’ K1s (if in partnership)

2,  Last two year’s corporate federal tax returns, including all schedules

HOMEOWNERS NEED TO PROVIDE THESE ADDITIONAL DOCUMENTS:

1. Copy of current mortgage statement

2.  Copy of current insurance statement (declaration page which shows premiums)

3.  Copy of property tax statement

4.  Copy of HOA statement (if applicable)

Tip! During the loan process, you will be required to print, sign and provide many documents to your loan officer.  Instead of faxing, scan them instead.  Scanned documents provide the clearest copy and allow you to keep better track of all documents you provided.  Even if you have to buy a $60 scanner for this purpose, it will be some of the smartest money you’ve ever spent!

Chris Crandall - Home Loan Answer Guy

Pre-Approval Documentation Essentials provided by Chris Crandall, Beverly Hills mortgage banker and creator of HomeLoanAnswerGuy.com

Contact Chris directly:

323.707.3532 – Cell

310.409.2163 – Office

888.257.3492 – Fax

Chris@SeaboldWeinberger.com