Below is a list of the items we recommend that you gather before applying for a mortgage.
Your income must be verified to qualify you for a mortgage. While you can be pre-qualified without the documentation, it is recommended to bring it to your application meeting. Borrowers tend to overestimate their gross income and do not understand employment per loan program requirements. It is much better to give your loan officer to obtain an accurate pre-approval.
You will need to include any band and investment account statements (last two months and all pages) such as:
These accounts will need to be documented thoroughly if they are being used for the mortgage transaction. It is much easier to give your loan officer everything they need up front to ensure the underwriters will have no issues. If they find issues, it gives you time to correct them and let the deposits season correctly. You can then resubmit them without slowing down your transaction.
If you are applying for a refinance, you will need the current mortgage statement. This helps the lender understand your current loan situation.
Already in contract on a home? Make sure you bring a copy of your purchase agreement. This will help the lender analyze the agreement, escrow deposit, and prepare for your pre-approval.
If you have filed for bankruptcy, sold a home as a short sale, modified your loan, or foreclosed on a home, you will need to bring this documentation. While this may cause issues with your eligibility, it is much better to disclose this before you are under contract on a home.
To get pre-approved for a mortgage, you will need to order a credit report through your lender. Your credit report is valid up to 120 days.
If you would like to start the application process, click here and speak with one of our DRMC home loan specialists.
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