The Application Process

By this point you’ve probably estimated what you can afford and might even have obtained Pre-Approval.The Application Process is a bit more formal, and it will require you to put together some documentation for the lender to see. This will include:

• Proof of income, which can be consecutive copies of your most recent pay stubs for the past month, or a copy of a signed offer that states your new salary.
• Your Form W-2 for the last two years. Alternatively, if you are self-employed or receive commission income, you’ll need two consecutive year’s tax returns.
• Your last two consecutive monthly bank statements, listing all your assets in checking, savings, mutual funds, brokerage, and retirement accounts.
• Miscellaneous information, depending on your personal situation, such as copies of resident alien cards, visas, divorce decrees, etc.

There might be other documentation needed if you are self-employed or only earn commissioned income. One of our mortgage specialists can tell you more about this.

Next learn about Underwriting