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Complete Your Mortgage Application Diligently
A mortgage application makes the case to the bank or lender that you are a good credit risk, and that you will payback the home loan as agreed. Some of the points the lender would want to take into consideration include how much money you earn, how much you have on hand in case of an interruption in income, and just how you have repaid other debts previously. Much of this information comes from your credit report, but a large amount of it will be revealed by the documentation included in your Orlando mortgage application.
Here is a list of all of the items you are likely to be asked for:
* Income Documents - Your most recent paycheck and W-2s from the last two years. Often you may be asked for copies of your tax returns, particularly if you are running your own business or earn a big portion of your compensation as commission or a bonus. If you obtain income from another source for instance social security, a pension, alimony, or child support you'll be asked to record that as well.
* Asset Documentation - Your two most recent statements for checking, personal savings, and investment accounts. This could comprise of retirement accounts such as an IRA, Roth IRA, or a 401k. Be sure to include each of the pages of each and every statement, even those that read "this page intentionally left blank." This is the only way for those going over your application to determine that there isn't any relevant information on those pages. If you own any additional real estate property you will also be asked for information on those properties.
* Identification - Your driver's license, social security card, and proof of immigration status (if applicable.)
* Loan Information - A copy of the purchase written agreement and earnest money deposit in the case of a purchase. For a refinance loan the approximate amount of the loan to be repaid.
* Depending on your particular circumstance you may be asked for additional documents, such as a divorce decree, separation papers, a gift letter if making use of gift funds to pay all or part of an advance payment, a business license if self employed, or an offer letter if starting a new job.
Always give copies instead of originals of all required documents when filling in your mortgage application. This will help you save the trouble of having to wait for the original documents to be given back to you, and you'll be able to provide another copy just in case something is accidentally misplaced.
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