How to Secure Your Mortgage: Preventing Fraud, Application Checklist & Process Do's and Don'ts

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LOAN APPLICATION CHECKLIST

Below is a generalized list of the documentation you will need for your pre-approval.

TO BE PROVIDED BY ALL BORROWERS:

  • Valid driver's license or other government-issued photo identification (front & back.)
  • Most recent two months statements from all asset accounts. (checking, saving, stock, mutual funds, IRA's, or other liquid asset accounts.)
TO BE PROVIDED BY W2 BORROWERS:
  • Pay stubs for the past 30 days.
  • W-2 forms for the past two years.

TO BE PROVIDED BY SELF-EMPLOYED BOROWERS:

  • Copies of business tax returns for the two years, including all schedules (both personal and business.)
  • Most recent two years w2s &/or K-1 income statements.

TO BE PROVIDED DEPENDING ON YOUR SITUATION:

  • For those divorced: A copy of the final decree, particularly the financial settlement page.
  • Bankruptcy within the last 7 yrs: A copy of all documentation including the discharge.
  • Documentation of additional income sources: For example, Pension awards letter, Social Security statements, Alimony, Retirement, or any other income sources.
  • If you own real estate: Most recent mortgage statement(s), if not escrowed, the real estate tax bill, insurance declaration page, and HOA coupon statement.
  • VA loan applicants: A copy of your DD-214 or Statement of Service.
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DO'S AND DON"TS DURING YOUR LOAN PROCESS

DO'S

DO - Call your loan originator if you have any queestions during the loan process.

DO - Keep all accounts OPEN & CURRENT.

DO - Call your Loan Originatro if there are any significant changes to your credit.

DON'TS

DO NOT - Let anyone pull your credit.

DO NOT - Change jobs, quit a job or become self-employed.

DO NOT - Make any major purchases during the loan process (cars, furniture, TV's, etc.)

DO NOT - Make any LATE payments on ANY Accounts.

DO NOT - Make any large deposits into your bank accounts, outside of payroll deposits.

DO NOT - Change bank accounts.

DO NOT - Refinance installment loans or make new ones during the loan process.

DO NOT - Pay off any accounts in collection or contact creditors unless deirected by your loan originator

Jamie-Castagna-LR
Jamie-Castagna-LR

DO'S AND DON"TS DURING YOUR LOAN PROCESS

DO'S

DO - Call your loan originator if you have any queestions during the loan process.

DO - Keep all accounts OPEN & CURRENT.

DO - Call your Loan Originatro if there are any significant changes to your credit.

DON'TS

DO NOT - Let anyone pull your credit.

DO NOT - Change jobs, quit a job or become self-employed.

DO NOT - Make any major purchases during the loan process (cars, furniture, TV's, etc.)

DO NOT - Make any LATE payments on ANY Accounts.

DO NOT - Make any large deposits into your bank accounts, outside of payroll deposits.

DO NOT - Change bank accounts.

DO NOT - Refinance installment loans or make new ones during the loan process.

DO NOT - Pay off any accounts in collection or contact creditors unless deirected by your loan originator

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