Important Loan Application Information - You Need to Understand.

 The home loan process can seem overwhelming if it's your first time and you're hearing everything second-hand, maybe from someone who had a bad experience with a mortgage lender. Here at our mortgage company at the Lake of the Ozarks, we want everything to be seamless, easy, and stress-free for you. Therefore, we give you the information you need upfront so that there's no confusion. Keep reading this week's blog for a list of information that you will need to present for your application. We keep all your sensitive information private, whether it's given to us directly in person or over our website. If you end up having any questions about what you're about to read, please give us a call at MHQ - Mortgage Headquarters.

What information will be needed for the application (and how it's kept private)

Anything you submit over our website is 100 percent, fully secure. And we never, ever share it with anyone except by permission -- that is, if you're giving us information you want us to use to get you the best loan, we use that information to tell mortgage lenders about you and convince them to loan you money. In turn, those mortgage lenders are bound by federal law to keep your information secure.

Here is a list of the information mortgage lenders will use to consider your loan application.

For all loans

• Social Security Number, for borrower and co-borrower, if any
• Employment History

1.     For the last two years, employment dates, addresses, salary.

2.     Current pay stubs or W-2 forms.

• Check and Savings Accounts and Certificates of Deposit

1.     Location of bank accounts, account numbers and balances

2.     Address of bank if out of town

3.     Last 3 months' statements

• Stocks, Bonds, and Investment Accounts

1.     Broker's name and address, description of stocks, bonds, etc.

2.     Last 3 months' statements or copies of stock certificates

·        Life Insurance Policies

1.     Insurance company, policy number, face amount, cash value, if any

• Retirement Plan

1.     Approximate vested interest value

2.     Copy of latest statement

• Automobiles

1.     Make and model of automobiles, their resale value

• Other Assets

1.     Market value of personal and household property

• Liabilities and Other Non-Mortgage Debt

1.     Creditors names, addresses, account numbers

2.     Monthly payments and balances

Other income information you may need:

• If you're self-employed

1.     Two years tax returns, profit and loss statements, both company and personal if separate.

2.     Current balance sheet and profit and loss statement if more than two months into the new fiscal year, signed by CPA.

• If you have income from:

1.     Commission

2.     Overtime

3.     Bonus

4.     Partnership

5.     Rental Property

6.     Trust

7.     Notes Receivable

8.     Interests/Dividends - You'll need two years' personal federal tax returns

• If employed in family business

1.     Personal federal income tax returns and all schedules for the past two years

• If divorced or separated

1.     Complete executed divorce decree and settlement agreement

2.     Payment history of alimony/child support over the past 12 months, if it is a financial obligation.

3.     If you choose to have this be considered as part of your income (you don't have to), be prepared to provide 12 months canceled checks or bank statements reflecting income deposits.

If you own real estate
Name and address of all mortgage lenders for the past 24 months, account numbers, monthly payments and balances.

• If you've sold your home but not closed:
  - A copy of the sales contract

• If you've sold your home, closed, and you will use the proceeds for your new down payment:
  - A copy of the HUD-1 Uniform Settlement Statement
  
  If you rent:
  Name, address and phone number of landlords for the past 24 months
  
  If you're buying a home:
  
  

• Purchase sales contract or offer to purchase and all addenda
• Furnish contract with original signatures of buyer and seller
• If a source of your down payment is a gift:

1.     Name, address and relationship of donor.

2.     Gift funds will be verified in both the donor and recipient's accounts.

3.     Note: Not all loan programs allow gifts to be part of your down payment.

For FHA Financing
Evidence of Social Security Number and photo identification

For VA Financing
DD214 and Certificate of Eligibility

For Construction/Perm Loan
Signed construction with cost breakdown, builder plan and specifications

Have Any Questions?

We understand that this seems like a lot when you look at in list form, but if you have any questions we are here for you. Please give us a call at the phone number listed below. Be sure to follow us on our social media platforms listed below to stay up to date on our latest announcements and mortgage tips.

Mortgage Headquarters of Missouri, Inc

4824 Osage Beach Parkway, Suite 1

Osage Beach, MO 65065

 

Office: (573) 302-9990

Toll Free: (888)799-1206

Fax: (636)648-9917

 

 

NMLS # 1229111

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