Listed below are different types of loan documentations that may be requested from you in ordered for your loan to proceed.
For a Purchases
- Income documentation: Most resent 2 years W-2’s and Current 30 day’s worth of pay stubs. If the borrower receives fixed income, the mortgage company will probably need a copy of their Pension Income Letter and or Social Security Awards Letter. Also needed is a copy of the last 3 months checks or bank statements showing direct deposit of the pension or social security income.
- Copy of purchase Contract/agreement signed by all parties involved (usually the home buyer, the seller, and any agents representing either party)
- Insurance binder: this deals with setting up the borrower’s homeowner’s insurance policy and is usually provided to the mortgage institute directly from the insurance company that the borrower chooses. The reason its listed here is because the borrower must first contact the insurance company that they want to hold their policy and sign the appropriate paper work needed to obtain the policy.
- Copy of front and back of the cancelled Earnest Money check
- Copy of HUD-1 from sale of present home if applicable
- Homeowner’s Association Information or Condo information if applicable
For a Refinance (for both Rate and Term and Debt Consolidation)
- Copy of Payment Coupon or Monthly Statement: Needed for all mortgages
- Mortgage Note/ Promissory Note:. Mortgage companies don’t usually need a copy of the note on any conventional loans that are being replaced by a new loan.
- Income documentation: (Same as stated on line 1 for Purchases)
- Copy of homeowners insurance policy
- Homeowner’s Association Information or Condo information if applicable
For Equity lines of credit and Equity loans
- Copy of Payment Coupon or Monthly Statement: Needed for all mortgages
- Mortgage Note/ Promissory Note: (Same as stated on line 2 for Refinance).
- Income documentation: If the program being used doesn’t have the stated income option, then the income information from line 1 for Purchases also applies here.
- Copy of homeowners insurance policy
This is just a general list that contains the minimum possible suggested documentation needed in order for the loan process to move ahead. Documentation may not be limited to the above list and may depend upon the program being used and lending organization guidelines.
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