Checklist and Tips
Loan Application Checklist:
- Executed sales contract on property being purchased
- Plot survey
- W-2 forms for the previous two years
- If you have been a full-time student for the past two years, provide a copy of your school transcript or diploma.
- If you are self employed, commissioned or using rental income to qualify, provide complete and signed personal and business tax returns for the past two years.
- Year-to-date signed profit and loss, if self employed
- Copy of rental or lease agreements on all rental properties owned
- Three most recent pay stubs from employer with the year-to-date for each borrower
- Copy of the last three statements on all asset accounts: banks, names, addresses and account numbers
- Copy of divorce or separation agreement in full when declaring income or debt from such agreement
- Names, addresses and account numbers for any mortgage company or landlord for previous two years
- Names and phone numbers both listing and selling agents
- Copy of listing and/or contract on any properties currently for sale
Finally, bring a checkbook to pay your credit report and appraisal fees, which are usually collected at application.
Tips for Getting your Mortgage:
- Review your credit report. In many states, reports can be requested for little or no cost. Request changes to any report that is in error
- If a creditor does not respond to the credit reporting agency within 30 days, the report must be taken off your credit report
- If you have been turned down for credit, you may get your report for no charge
- Credit scoring-Credit scoring is assigning numerical ratings to consumers on the basis of their credit history
- How to increase your credit score-To help you attain the best possible credit score, avoid any behavior that will negatively impact your credit score before your loan closing
Atlantic Mortgage Expert Tips:
- Say “no” to new credit
- Don’t order any furniture or appliances for a new home, even if no payment is immediately due, as with the no-payment-until-spring deals
- Don’t let any stores run a credit check for a new credit card when you are shopping or looking for new furniture or appliances
- Don’t get new credit cards, even when stores offer a discount in return for applying for a card
- Pay all credit card bills on time, even if it means paying utility bills late
- Refuse increases in your credit limit if the increase is more than you need or is high in relation to your income.
- Pay off and close any existing accounts with finance companies since they’re viewed negatively in the scoring.
- Close out unused credit card accounts
- Maintain at least one of your oldest cards to show a lengthy credit history
