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Your mortgage lender wants to help you get the best rate possible. To do that, he will ask you questions such as these:
How long do you expect to stay in the home?
How long do you expect to keep this mortgage?
How much cash do you want to commit to this purchase?
What size mortgage payment would be comfortable for you?
Do you anticipate any changes in your income or cash flow?
How does your mortgage fit into your overall financial goals?
When you are ready to apply for a mortgage, have the following paperwork ready:
Employment history: 2 year history including names and addresses of each employer
Automobiles owned: year, make, model and value
Stocks, bonds, CD information: complete statements for the most recent 2 months showing account numbers and addresses
Retirement plan: approximate value of the plan and a copy of the most recent statement
Credit information: creditor names, addresses, account numbers, payment amounts, and balances for each account (including credit cards, automobiles, student loan, etc.)
Proof of income: W-2 forms for the last 2 years and pay stubs for the last 30 days; if self-employed, bring year-to-date profit-and-loss statement
Social security number
Estimate values of your assets: personal property, furniture, boats, jewelry, antiques, etc.; include last 60 days of bank statements
Real estate owned: addresses for other real estate owned plus any rental agreements and mortgage information
Tax returns: full tax returns for the last 2 years if self-employed, employed in a family business, own rental property or have income from commission, bonuses, tips, trust income, corporate ownership, or if claiming employee expenses
Names and addresses for all landlords and mortgage companies in the last 2 years