Be Prepared for Your Will County or
Chicagoland Mortgage Application.
Chicagoland Mortgage Application.
Start Gathering These Documents NOW!
The news and blogs are filled with stories regarding the huge demand for documentation during the mortgage lending process.
You see lots of talk regarding the number and kind of requests made for proof of finances, payments, credit, and more by Mortgage Lenders and Underwriters during the processing of loans.
We probably won't see these requests disappearing anytime soon. So if you want a mortgage, arguing about or protesting the requests is a waste of time in the majority of cases.
Compliance is typically the best route. And the sooner compliance is achieved, the better ... as it increases the likelihood that the financing will reach a successful conclusion.
To hit the floor running and to be most effective during the application and processing portion of the transaction, I like my mortgage clients to be aware and educated in advance as to what the typical expectations and requests for documentation will be for their loan. I also make them aware that they may be asked for additional documentation and clarifications as we proceed through their mortgage's underwriting.
In order to make it as easy as possible on my clients, I provide a handy list on my website, www.genemundt.com, showing those documents typically required for application of loan.
Providing this Mortgage Loan Checklist has proven extremely helpful to my clients and saved time during processing, which is immensely important and valuable when working towards successful Closings on dates written into Sales Contracts.
Although differing states may demand additional documentation to what is shown on my Mortgage Application Checklist, the list provided below still provides a good basis and knowledge for any upcoming transaction.
My Mortgage Application Checklist:
1. Last 2 years W-2's and Tax Returns
2. Last 30 Days consecutive Pay stubs
3. Name, Address and Telephone Number(s) of Employers for past TWO (2) years
4. Most recent Two (2) months Bank Statements (all pages) or 60-Day printout of accounts from the Bank that is stamped and signed. (Including 401K, Credit Union, Profit Sharing, etc.)
5. Copy of Social Security Card(s). (FHA/VA only) & Driver's License (all Borrowers)
6. Name, Address and Telephone Number(s) of Landlord or letter from Landlord stating amount of Monthly Rent and the Statement "Paid as agreed for past 12 months" (if presently renting)
7. Application Fee (See Lender for Applicable Fee Amount)
8. Signed Contract and all Riders on home being purchased
9. Names and Phone Numbers of Real Estate Agent, Attorney and Insurance Agent
10. Make and Model of Vehicles owned .. and their resale value
11. Auto Loan account information
12. Credit Card(s) account information
13. Personal loan(s) account information
If You Currently Own Real Estate:
1. Mortgage Account information
2. Homeowner's Insurance Policy information
3. Home Equity Account information (if applicable)
Miscellaneous Information Needed - if Applicable:
1. Recorded Divorce Decree(s) or Separation Agreements (All Pages)
2. Recorded Bankruptcy Discharge and Schedule of Creditors
3. Most recent Social Security Award Letter or Pension Award Letter
4. Filed and Stamped Release of any Judgment and Paid Receipts of all Collections
5. 12 Month Court Printout of Received Child Support
6. Address and Information on any other Real Estate owned
Self-Employed Buyers: In addition to Basic Information
1. Year-to-Date Profit and Loss Statement with complete Tax Returns (Last 2 years filed)
Veterans: In addition to Basic Information
1. Copy of DD-214
2. Original Certificate of Eligibility
* Please note: Buyers that are Self-Employed ... must provide more thorough tax records and more financial documentation upon application because of the nature of their employment and employment status. Those extra documents required are so noted on my Mortgage Loan Checklist.
* Note also: U.S. Veterans ... must also supply information pertainable to their service when applying for VA Loans. Those required Veterans documents are also shown separately from the basic required documentation upon my Mortgage Loan Checklist.
Be Prepared for your Will County or Chicagoland Mortgage Application ...
Should you have questions regarding any of the documentation shown upon my Mortgage Loan Checklist, I encourage you to Contact Me for clarification or assistance. I'll be happy to answer any questions you may have and offer whatever assistance is needed.
* Should you be thinking of Buying or Refinancing a home in Will County or elsewhere in the Chicagoland region, please contact me. I'll be happy to hear from you and put my 40+ years of mortgage experience and expertise to work on your behalf.
I'm easily found at:
Mortgage Originator - NMLS #216987 - IL Lic. 031.0006220 - WI #216987
American Portfolio Mortgage Corp.
Gene Mundt, Mortgage Originator, a Mortgage Originator with 40 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL & WI.
Referrals are Welcomed!