When meeting with your loan officer to start the mortgage process you will be required to complete a mortgage application, along with providing supporting documentation that can include pay stubs, w-s2, tax returns, and bank statements.If you have ever had a bankruptcy then I would strongly suggest that you have a copy of your bankruptcy papers and your discharge papers ready for your loan officer when you are getting ready to start the loan process. The more necessary information that you have at the beginning of the loan process the faster your mortgage transaction should go and the quicker you should be able to close on your home loan.
The application that the Loan officer is going to fill out with you gives the lender a bird's eye view of all your credit, income and asset history. The documenation that has to be provided is all the proof of what you put down on that paper. You must be able to show with documenation everything that you specified on your application. This would be your paystubs to prove income, your ID's to prove where you live, a Verification of Rent or Mortgage Statement to prove how long you have lived in a particular place.
It is always best to give more documentation than is necessary to your loan officer. Not only does it help with all the requirements that must be fufilled in order to get your loan done, it will even speed up the process.
If your meeting is over the phone, make the request to your loan officer that they email/fax the documents and details over to you beforehand so that you can both look at the numbers at the same time. It's much easier to have the numbers in front of you and discuss them than to try to remember all of the particulars as you discuss them over the phone.
It is a good idea to review your budget and determine how much of your income you can afford to spend on your mortgage payment. This will help your lender determine how much home you can afford to buy.
There's a lot of documentation to gather, and the task may seem daunting. But with the help of an experienced mortgage loan professional, the process is narrowed down to YOUR specific needs. This is usually determined through specific questions during your initial interview.
Many federal and state laws are in place to protect you as a consumer. These laws further require banks and mortgage brokers to disclose to you your rights. As proof of having done so, your loan officer will need you to sign various federal and state disclosures, which is then made a part of the mortgage loan application package.
