Here’s a list of the documents most commonly needed in order to apply for a mortgage loan. You may need additional documents depending upon the type of loan you’re applying for, so be sure to check with the lender.

• Application Fee (cost of appraisal and credit report)
• Legible sales contract signed by Buyers and Sellers.
• Social Security number of all applicants.
• Complete address for the past 2 years (including complete name and address of landlords for past 24 months).
• Name, address, and all income earned from all employers for past 24 months.
• Copies of previous two years W-2 forms.
• Copy of most recent year-to-date pay stub.
• Name, address, account number, monthly payment and current balance for: installment loans, revolving charge accounts, student loans, mortgage loans, and auto loans.
• Name, address, account number, and balance of all deposit accounts, including: checking accounts, savings accounts, stocks, bonds, etc.
• Three months most recent statements for deposit accounts, stocks, bonds, etc.
• If you choose to include income from Child Support/Alimony bring copies of court records of cancelled checks showing receipt of payment.

Please understand that your FICO score is what lenders will be looking at to qualify you for a loan. To receive a copy of your credit report here is how to contact the credit reporting agencies: Equifax Information Service Center P.O. Box 740241, Atlanta, GA 30374-0241 1-800-997-2493 www.equifax.com Experian National Consumer Assistance Center P.O. Box 2104, Allen, TX 75013-2104 1-888-397-3742 www.experian.com Trans Union Corporation, Consumer Disclosure Center P.O. Box 390, Springfield, PA 19064-0390 1-800-888-4213 www.transunion.com

Tips To Insure The Best Loan

1. If the mortgage retailer you’re interested in is unfamiliar to you, take the time to check them out. Not all states even require licensing of mortgage brokers. Check with the state banking department where your loan will be originated (and the state the retailer is headquartered in, if it’s different). Call a local Better Business Bureau . See if they’re members of local, state or national trade associations .
2. If it sounds too good to be true, it probably is. Be wary of deals which are way below the other offerings in your market, or promises of service quality which can’t possibly be met (“we close in 24 hours!”) Don’t be surprised if the advertised deals don’t apply to your situation; they may be available only to the absolute best, top-shelf borrowers. The law only requires that the deal listed be available — not that it’s available to you .
3. Research, research, research. It’s your job to know what is normal for your loan circumstance. Call lots of outlets. Get rates, points, fees and commitment periods for offers that are as similar as possible. Some of the lowest rates offered have no lock-in available, or can be obtained only if you close ASAP, so make sure that the quotes you get have the same terms, if possible. That way, you’ll soon be able to judge a good, bad or just average deals.
4. Ask questions, get answers. People in the business will sometimes talk a blue streak and expect that you understand. If you don’t get it, say so. Make them explain — to your satisfaction — or take your business to someone who will.
5. Get it in writing, on company letterhead, and signed. This pertains to everything you negotiate in your deal, but especially any lock-in agreement (or execution) you conduct. More misunderstandings and disputes are related to lock-ins than any other item. Under the law, verbal agreements aren’t worth the paper they’re not printed on.
6. Sign nothing you don’t understand — and understand everything you sign, even if you need to get outside help to do so. If legalese or contract language is difficult for you, hire a lawyer to help manage your transaction. The few hundred dollars can be very inexpensive insurance.
7. Ask how much experience they have in dealing with mortgage situations similar to yours. How long has the company been in business? How long has your salesman/broker and loan processor been in the business? More experience can mean a smoother transaction, especially if the market gets rough — and it can help to know your loan processor.
8. If you’re coming in “blind”, with no referrals from friends or relatives, ask for a few references you can contact — and follow up on them. Of course, they’ll probably be the most satisfied clients the firm has worked for, but it is a place to start.
9. Make sure your “no points” loan is really “no points.” You might not know that there are actually two kinds of points: Discount Points (which lower the interest rate) and percentage-based Origination Fees which cover some of the cost of getting you the mortgage, including commissions. A true no-points loan has neither — and if your “no points” loan has a one-percent Origination Fee, it’s actually a one-point loan. Compare it against other one-point loans for accuracy.
10. Ask about “Prepayment Penalties” or “Early Termination Fees.” Some of the lowest rates in the market, especially for ARMs, are available only on loans which carry hefty fees if the loan is refinanced in the early (the first three to five) years. If you don’t ask whether any apply to your loan, you could find a costly ‘zinger’ down the road.