Loan Application Checklist
The checklist that follows is a general guide to assist you with the loan application. Some of the items listed may not apply to you, and your lender will probably request some items that we have not mentioned, but this list will get you off to a good start.
Please note that at some banks you will be asked to pay for a credit report and an appraisal upon signing the application.
The purchase agreement will include the legal description of the property and the price
Personal Information Social Security number and driver's license for each borrower Home addresses for the last two years Divorce decree and separation agreements, if applicable Trust agreement, if applicable Income Most recent pay stubs Documentation on any supplemental income such as bonuses or commissions Names, addresses, and phone numbers of all employers for last two years W-2s for last two years If you are self-employed or earn income from commissioned sales, copies of last two years of tax returns with all schedules and year-to-date profit and loss for current year, signed by an accountant Documentation of alimony or child support, if this income is considered for the loan Real Estate Owned Names, addresses, phone numbers, and account numbers of all mortgage lenders for the last seven years Copies of leases and two years of tax returns for any rental property Names, addresses, and phone numbers of all employers for last two years Market value estimate Liquid Assets Complete names, addresses, phone numbers, and account numbers for all bank, credit union, 401K, and investment account Copies of the last three month's statements for all bank accounts Copies of any notes receivable Value of other assets such as auto, households goods, and collectibles Cash value of life insurance policies Vested interest in retirement funds or IRAs Liabilities Names, account numbers, balances, and current monthly payment amounts for all revolving charge cards Names, addresses, phone numbers, and account numbers for all installment debt and approximate balances and monthly payments for such items as mortgages, home equity loans, and auto loans Alimony or child support payments Names, addresses, phone numbers, and account numbers of accounts recently paid off, if used to establish credit