One of the things that you need to take care of when applying for a loan are the required documents and paperwork. These are needed by your lender to conduct a series of investigations with you financial capacity to pay. According to real estate agents in Mobile, this is one of the first steps to get your loan approved.
The documents that you have to provide would depend on your financial situation, like your credit profile, work history, down payments and even the existing loans that you have. So if you would like to apply for a new one, it would be best for you to prepare the necessary documents.
Most lenders in states like Alabama is worried about your debt, and most of the information that they need would be coming from your credit report. However, your lender would still ask you if you have any debt or loan that is not included on your credit history and will require providing the necessary documents about your payment history with the unlisted debt.
If there are two people that are listed in the same mortgage, the lender will also need the necessary proof or documents coming from both parties. If there was any gift, large deposits, or even a stock of bonus or commission, the lender would still ask for the documents proving about its origination. The documents that may be submitted would be a gift letter, statements that show the stock sale, or even a listing of your bonus.
Here are the basic documents that your lender may require from you for your loan application:
Pay Stubs: You have to provide pay stubs that will cover at least a month of your employment. If in case you get paid weekly, you’ll need to provide the pay stubs that your employer gives you for each week.
Bank Statements: Lenders would want to see a minimum of two latest bank statements under your name. Always remember that you need to give all the pages, including the ones that don't have anything on it.
W-2 Forms: Employees will need to ask a copy of their W-2 forms from their employer for the past two years.
Identification: Any ID can be provided, as long as they are government accredited.
Proof of Legal U.S. Residency: This means a green card for permanent residents. People who are currently in the United States on a different type of visa may need to provide additional documents.
The source of Funds: If you have unusually large deposits, you need to have a proof of where the money is coming from. It can either be a receipt of its origination or copies of documents to verify any sale.<< Back to the list.
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