Six Figure Income Hub

A mortgage application makes the case to the lender that you are a good credit risk, and that you will repay the home loan as agreed. A few of the points the bank will want to take into account include how much money you earn, how much you have in hand in case of an interruption in salary, and how you have repaid other debts previously. Most of this information comes from your credit report, but a good portion of it will be revealed by the documents included in your Orlando mortgage application.

Listed here is a list of the items you are likely to be asked for:

* Income Documents - Your most current paycheck and W-2s from the past two years. Often you could be asked for copies of your tax returns, specifically if you are self employed or earn a big percentage of your compensation as commission or a bonus. If you receive income from another source like social security, a pension, alimony, or child support you'll be asked to record that too.

* Asset Documentation - Your two most current statements for checking, savings, and investment accounts. This can comprise of retirement accounts like an IRA, Roth IRA, or a 401k. Be sure to include all the pages of each and every statement, even those which read "this page purposely left blank." That is the only way for those going over your application form to determine that there isn't any pertinent information on those pages. If you own any additional real estate property you will also be asked for details of those properties.

* Identification - Your driver's license, social security card, and proof of immigration status (if applicable.)

* Loan Details - A copy of the purchase contract and earnest money deposit in the case of an investment. For a refinance loan the approximate loan amount to be paid off.

* Depending on your specific circumstance you might be asked for additional documents, like a divorce decree, separation papers, a gift letter if using gift funds to pay all or part of an advance payment, a business license if independently employed, or an offer letter if starting a new job.

Always provide copies instead of original copies of all required documents while filling in your mortgage application. This will save you the trouble of having to wait for the original documents to be given back to you, and you can actually provide another copy in case something is inadvertently misplaced.

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