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Health & Fitness

Mortgage Application Made Easy

Thinking of purchasing a new home? Obtaining a prequalification and a mortgage is easier then one thinks, if one is prepared. Here is a list of items that are required in order to obtain a mortgage. Gather these documents together before you contact a mortgage officer and the process should go more quickly. Employment info: last 2 years of W-2’s and federal tax returns, pay stubs covering last 30 days, verification of employment for past 2 years. Residence info: complete addresses from last 2 years, proof of ownership of other properties. Liquid Assets: 2 months of statements from all bank and investment accounts; if using funds from a retirement account, provide the terms of the account; verification of any large deposit (over $1000) into any account, that is not wages; if receiving a gift, provide a fully executed gift letter. Credit: credit report is checked and a signed explanation of any derogatory credit is needed. Miscellaneous info : If applicable provide: copy of separation or divorce decree or child support agreement; Resident Alien card; if relocating, provide a copy of Offer Letter and relocation benefits. Tips: Gift money must be in an account longer than 60 days. Do not add or close any credit card accounts. Do not make any large purchases. Maintain employment. These tips should be adhered to from the time of application to the final closing of the property. (Realtor -Coldwell Banker, Glastonbury)

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