The 16 Things You Need When Applying For A Home Loan
- Complete name of applicant/co-applicant.
- Birth date of applicant/co-applicant.
- Social Security number for applicant/co-applicant.
- Home phone number.
- Present address.
- Landlord's name, address and monthly rent amount.
- If present address is less than 2 years, need former address, landlord and his address to cover two consecutive years.
- Present employer name, address, phone number, length of employment, your position, salary (current pay stub). Same applies to co-applicant.
- If you have been employed less than 2 years, you need previous employers name and address to cover two consecutive years.
- Other income needed to qualify must be verified, such as retirement or rental income.
- Assets: Cash on hand. Bank accounts (name, account numbers and balance are required). Stocks, Bonds, etc. need breakdown and value. Automobiles. Real Estate description and value.
- Debts: Open accounts needed (auto, notes to banks, finance companies, retail stores, credit cards). Child Support or alimony if applicable (separation agreement and decrees needed). Paid out accounts. Present mortgage loan.
- If any judgment or bankruptcy has been filed against you, please advise and give explanation.
- Source of down payment and closing cost must be disclosed.
- On VA loans only, copies of your DD 214's will be needed to determine your eligibility.
- A check for Appraisal fee and Credit Report fee made payable to the mortgage company to cover the estimated cost of these items.
Calculate Your Monthly Mortgage Payments
Mortgage payments vary, depending on the amount borrowed, the term of the loan, and the interest rate. By locating the amount you must borrow (the price of the house less your down payment) and then moving along that line to the appropriate interest rate, you can use this chart to get an idea of what your monthly payment will be with a standard 30–year fixed rate mortgage. Remember, however, that since your monthly payment will very likely include property taxes and hazard insurance, the amount you will actually pay each month will be somewhat larger.