Getting your mortgage application right on the first try
Posted by: Greg Fischer Post date: June 17th, 2010When you’re applying for a mortgage, whether your buying new real estate or refinancing your current mortgage, getting all your documents together (and complete) up front makes for a much smoother process.
A few things to watch for:
Bank Statements
When providing any financial statements, checking and savings accounts, investment statements, mutual funds or anything else, if the pages are numbered Page 1 of X, make sure that you provide all X pages. Even if Page 2 is a “junk” page with no financial information, missing pages will always come back as a condition later.
Tax Returns
You will always need the 1040 form. That’s the 2 page summary of everything else that you sign page 2 of. But you will also need all schedules and forms as well. If you have any rental income showing on the 1040, you’ll need the Schedule E as well. A dollar’s worth of self-employment income? Show the Schedule C.
As a rule, it’s always better to have too much paperwork at mortgage application time than too little. Any document that has to do with your income, assets or debts might be needed. If you only have to locate those once at the beginning of the process, the flow to closing will be much simpler.
For a full list of what documentation will be required, see Required Docs.
