Some Document in Mortgage loan process.
When you want to apply for a mortgage loan, you need to prepare some documents which prove for you with the lender and they will be easier let you accept you.
At first you have to have the federal tax return and W-2 forms in past 2 years. And you need to che have one recent check payment stub which will show your name and social security number, your name and your address of your employer who they will contact to verity your information which you provided to them. And also the proof of other income such as the second job, overtime, commission or bonuses, also the interest and dividends, social security disbursement, Va and retirement benefits... All of them will be the proof for lenders to believe that you can pay back for them.
You need to provide the list of creditors with the credit card which you are borrowing the other financial institutions such as the student loan, child support... You may be asked to show proof of your payment monthly and total balance. Besides, you also prepare the investment record, your assets.
There are too many paperwork you need to have to be accepted with the loan.
And your lender will be required by the Federal Real Estate Settlement Procedure Act to provide to you the good faith estimate of the fees due at closing. It will be supposed to be provided to you in 3 days and it will be accepted also in 3 days. The settlement cost is known as the closing fee which covers almost expense with your mortgage loan, it is about 3-5% of total sale price. it is better for you if you wait until you receive the good faith estimate before committing to a loan.
And the lenders will provide you some other documents such as the Truth in Lending Act statement, Servicing disclosure statement, Affiliated Business arrangement disclosure . all of these document will be provided within 3 days from the time you apply for a loan.
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