If you are thinking about starting a loan in October to refinance or purchase, more then likely your loan will close sometime around December, unless as a purchase the closing date is sooner.
If your loan closes in December, you will skip the month of January, and your first house payment will be in February 2013. It seems a long way off right now, but really this time goes very quickly. To keep things moving along, go ahead and gather items that will be needed now so that when you walk in your mortgage lender’s office you have everything ready to go.
• You will need to have the last 30 days of paystubs.
• You will need to have the last two years full taxes for 2010 and 2011 plus all of the W2s that were used for those years taxes, 1099s, K-1s and even corporate taxes if you are a self-employed owner of a business.
• You will need the last 60 days of full bank statements, all pages. So if your bank statement says one of four pages, and the last page is blank, we still need to show all four pages. Generally you cannot print out a bank statement from online because all of the bank details including your name are not printed online.
• You will need to show all 401K and quarterly stock statements. Once again all pages must be included as each page is numbered, one of eight etc.
• You will need to bring with you a current unexpired drivers license for each person applying for the home loan.
• You will need to provide the name and phone number of your home owners insurance agent. If you have been divorced, you will need to provide a full copy of your divorce decree.
• If you have ever filed for bankruptcy, you will need to provide all documentation from the bankruptcy proceedings. If you receive child support, you will need to provide a report from Child Support Recovery that all payments are current and on time. If you have recently paid off collections or judgments, you will need to provide documentation that all debts, including court costs, have been paid in full from the clerk of court. If purchasing a home, you will need a copy of the fully-executed purchase agreement and a copy of the earnest money check having cleared your bank. If you are a landlord and own rental properties, you will need to provide all rental agreements for properties owned by you. Call any time with questions.Information provided by Lori Slings, Valley Bank, 160 Adventureland Drive, Suite H, Altoona, (515) 967-4700, firstname.lastname@example.org.