What to Prepare before Beginning the Home Loan Process
The following information is typically needed for a home loan application:
- Copy of the purchase contract and property information
- Mailing address and property description
- Contact information for access to the property
Personal Information
- Social Security Number
- Marital Status
- Number and age of dependents
- Current address and telephone numbers
- Addresses for the past seven years (if more than one)
- Current housing expenses (rent, mortgage, insurance, taxes)
- Name and address of landlord/mortgage holder (past two years only)
Employment history and income
- Two years of employment history, with complete details of each position
- Recent pay stubs and two years of W-2 forms
- Tax returns and financial statements if self-employed
- Records of dividend and interest received
- Proof of other income
Assets
- Information about all bank and money market accounts
- Two months of bank statements
- Current values of stocks, bonds, mutual funds and other investments
- Vested interest in retirement funds
- Value of life insurance
- Information about any cars you own
- Information about any real estate you own
- Value of any significant property you own
Liabilities and debts
- Itemized list of all current debts: loan and credit cards and other bills
- Written explanation of any past credit problems
- Full details of bankruptcy during the last seven years, if applicable
