M & D REAL ESTATE : Mortgage Info

DORIS MOSES-WARREN

M & D REAL ESTATE-Doris Moses-Warren -BROKER
6421 Hwy 39 N
Normangee, Tx. 77871
U.S.A.
(936)396-9216
(936)570-1176 fax
(936)348-9216 cell Doris

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Mortgage Info

The information below gives you an idea what a bank will require when you apply. Be aware that mortgage companies require a wide variety of information. This is intended only as a guideline.

Income Verification

Proof of gross monthly income, including salary, pension and rents. Two full month's paystub is required for either full or part-time jobs.
If self-employed, signed copies of Federal income tax returns including all schedules for the most recent 2 years and year to date profit and loss. If the company is an "S" corporation or partnership, a balance sheet and signed corporate tax return, including all schedules is required.
Copies of W-2 forms for the past two years. If you are receiving child support and are using this as income for qualifying, you will need proof of income for the last 12 months.
If you are receiving alimony and are using this as income for qualifying, you will need proof of income for the last 12 months, copies of the divorce decree and separation agreement. Proof could be copies of canceled checks, bank statements indicating the deposit of the agreed upon sum, or court ledger if paid through the court.

Assets

Account numbers and balances of all checking and savings accounts to be used towards the down payment, earnest money deposit, closing costs and reserves. Copies of the previous 3 bank statements (including all pages).
If mortgage proceeds will be used in the purchasing of the new property, the original purchase offer signed by all parties of the contract is needed.
A copy of the deed is required if the mortgage proceeds will be used to refinance an existing mortgage.
Stocks and bonds with their current market value, if these will be applied to the closing of the transaction. If any of the funds needed to complete this transaction are from a gift, then a gift letter is necessary. A copy of the gift receipt or a canceled gift check as well as copies of the withdrawal and deposit into the applicant's account is required.

Debts

If you are paying child support and/or alimony, you will need copies of the separation agreement and the divorce decree.
Account numbers, balances and creditor's addresses, monthly payments, balances, creditor's addresses for installment loans and credit cards.
If you have had prior credit problems such as bankruptcies, garnishments, judgments or an account placed for collection, documentation is needed. Copies of the bankruptcy papers, including signed discharge and list of debts, as well as any evidence that you may have that the judgments have been satisfied.
If you own any Real Estate, you must provide current leases for each property and Schedule E from the previous year.

Property

Property tax amount: copies of current tax bills (Note exemptions).
Name and telephone number of a contact person, in order for the appraiser to access the property.

Miscellaneous

Appraisal and credit report fees are due at the time of application. The interest rate and points are "locked-in" at the time of application, therefore, one point (1% of the total loan amount) is due. If this is a pre-application, there is usually no fee.
If the loan is an FHA loan, copies of paystubs covering the most recent 30-day period of work, copies of social security card(s) and photo identification from each applicant is necessary.
A list of prior 7 years of residences and two years' prior employers.
All Attorneys involved in the process' names, addresses and telephone numbers.
List of all personal property with substantial value, such as jewelry, boats, vehicles, etc.

Through long experience,
M & D REAL ESTATE
knows that one of the most difficult aspects of a real estate transaction is the mortgage application.