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Lender Checklist: Documents You Need and Questions To Ask

    Lender Checklist: What You Need for a Mortgage

  1. W-2 Forms - or, if you are self-employed, you will need to provide copies of business tax return forms- for the last 2-3 years for every person included in the loan.
  2. Copies of at least one pay stub for each person signing the loan.
  3. Account numbers associated with all of your credit cards and the amounts of any outstanding balances.
  4. Copies of 2-4 months of bank or credit union statements for both checking and savings accounts.
  5. Lender, loan number and amount owed on other installment loans, such as student loans and car loans.
  6. Addresses where you've lived for the last five to seven years, with the names of landlords if applicable.
  7. Copies of brokerage account statements for 2-4 months, as well as a list of any other major assets of value-such as a boat, RV or stocks and bonds not held in a brokerage account.
  8. Copies of your most recent 401 (k), or other retirement account statement.
  9. Documentation to verify additional income, such as child support or a pension.
  10. Copies of personal tax forms for the last 2-3 years.


    10 Questions to Ask Your Lender                                              

  1. What are the most popular mortgages you offer? Why are they so popular?
  2. Given my financial circumstances, which type of mortgage do suggest for me? Why?
  3. Are your rates, terms, fees and closing costs negotiable?
  4. Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required? (Note: Private mortgage insurance can be required if your down payment is less than 20%. However, many lenders will allow you to discontinue PMI when you've acquired a certain amount of equity by paying down the loan).
  5. Who will service the loan--your institution or another company?
  6. What are your escrow requirements?
  7. How long will this loan be in a lock-in period (in other words, the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if it becomes possible during this period?
  8. How long will the loan approval process take, and how long will it take to close the loan?
  9. Are the underwriters who will be approving my mortgage loan in-house, or are they outsourced? (Note: The approval process is generally faster and more efficient if underwriters are in-house as opposed to several states away).
  10. Are there any charges or penalties for prepaying the loan?

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