What documents are needed for a mortgage loan approval?
Years ago there was actually a no documents loan process for certain types of loans. Those are not applicable in today’s world of mortgage lending. Today we’re providing you with a list of documents that are needed for final loan approval. Some documents are required whether the loan is for a purchase or a refinance; others are pertinent to a specific type of loan.
Documents needed for either a purchase or refinance are as follows:
- Most recent pay stubs, showing a 30-day period
- Past two years W-2 forms and/or 1099’s (if self-employed)
- Signed Federal Personal Tax Returns for past two years
- Signed Federal Business Tax returns if applicable
- Asset statements for a 2 month period, or most recent quarterly statement. This should include any and all of the following and must include ALL pages.
- Checking
- Savings
- Stocks
- Bonds
- Mutual funds
- Money Market
- 401 K’s
- IRA’s
- If the property is or will be held in a Trust, provide Trust documentation
- For Investment properties:
- Lease agreement for rental properties
- Mortgage statement
- Property tax bill
- Homeowner’s Insurance Policy
- HOA or Condo fees, if applicable
- Hazard Insurance (homeowner’s insurance) Policy
- Complete Divorce/Separation Agreement /Property Settlement agreements, if applicable
- School Transcripts and Diploma if you are a recent graduate
- Contact name and phone number for Verification of Employment
For VA loans, the following is required:
- VA Certificate of Eligibility
- Original statement of service or DD-214
For Purchases only, we need the following:
- Ratified Sales contract
- Copy of Earnest Money Deposit AND bank statement showing the check has cleared your account
- Name, address and phone number of landlords for past 2 years if currently renting
- Sales Contract for existing home if selling and vacating to purchase new home
- Settlement Statement from the sale of current residence if vacating to purchase new home
For Refinances only
- Copy of most recent mortgage statement
- Copy of Owner’s Title Policy or settlement statement indicating that you have owner’s title insurance
- Copy of existing Homeowner’s Insurance Policy
Whether you’re purchasing or refinancing a property, you can download a copy of this List of Documents to help aid in your search for a loan. This list will be helpful to both you and your Lender as you work through the processing of your loan.
Here are some of the parameters of this grant that buyers must follow:
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The open kitchen features stainless steel appliances, granite counters, a custom tile backsplash and a center island with a breakfast bar. Off of the breakfast room a large deck is easily accessible through a sliding glass door. The main level also features a formal living room with crown molding and a powder room with pedestal sink and ceramic tile.
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-The savings could also be used for upgrades or options such as a walk-way, deck, porch or finished basement
We’d love to help you build the home of your dreams! If you’d like more information about obtaining a loan through Intercoastal Mortgage, contact our preferred Lender, 
A: Adjustable-Rate (ARM)
This is a mortgage in which the interest rate floats up or down according to a specified index. The interest rate is “adjusted” at certain time intervals (such as six months or one year), usually having a “cap rate” or maximum rate of change per adjustment interval (such as 1%, or 4%). Terms such as “one year ARM” generally identify the adjustment interval (interest rate adjusted after one year).
This is a unique type of loan, as it is rather short. You make a monthly payment for 5 – 7 years, based on a term of 30 years. There’s often a low interest rate, and it can be easier to qualify for this versus a traditional 30-year-fixed. A balloon mortgage can be an excellent option for many home buyers. There is, however, a risk to consider. At the end of your 5-7 year loan term you will need to pay off the outstanding balance. This usually requires you to either refinance, sell your home, or convert the balloon mortgage to a traditional mortgage at the current interest rate.
These loans are neither insured nor guaranteed by the government. As such, conventional loans represent a greater risk to lenders than government backed loans. Conventional loans can start with as low as 5% down, but if you can put at least a 20% down payment (80% LTV) you can avoid paying private mortgage insurance.
F: Fixed Rate
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The main level features a 2-story foyer, and crown molding, hardwood flooring, and designer light fixtures can be found throughout the living room, family room, and separate dining room. A Chef’s kitchen boasts Wolf Jenn-Air appliances, a bright breakfast room, granite counter tops and plenty of cabinet space. A 2 level deck with stairs leads down to a stone patio and the expansive backyard.
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OVERALL GROWTH
OVERVIEW
With the