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Prepare to Get A Loan

Once you have selected the type of loan you prefer and qualify for, the lender will ask you to complete a loan application, which will require a great deal of personal and financial information, including the following:

1) Your residence history

  • Your previous addresses for the past two years
  • The length of time you’ve lived at each address
  • If you currently rent, your landlord’s name and addresses (for past 12 months)

2) Your employment history

  • The names and addresses of all your employers for the past two years
  • The dates you worked at each place of employment
  • If there have been any gaps in your employment, explain why

3) All outstanding loans and credit cards

  • The creditor’s name(s) and address(s)
  • Your account number(s)
  • The current total balance you owe and the months left to pay
  • The amount of the monthly payment

4) Savings, checking or investment accounts

  • The names and addresses for each financial institution
  • Your account numbers
  • The current balance or value

5) Real estate you currently own

  • The property address(s)
  • The estimated market value
  • The outstanding loan balance
  • The amount of your monthly payment (including taxes, insurance, homeowner’s association dues)
  • The amount of your rental income (if applicable)

6) Personal property you own

  • The net cash value of your life insurance
  • The make, year and value of your automobile(s)
  • The value of your furniture, jewelry and other personal property

7) Tax records

  • Some California lenders may require copies of your tax records from the previous two years

Being prepared with the necessary documentation will expedite your California mortgage loan process. Here’s a checklist, so you don’t forget what you’ll need to efficiently move the loan process along:

Real Estate Contracts

____ Purchase Agreement (for the purchase of your new home)
____ Sales contract (if you are selling a home)

Residence History

____ Past 24 months of residence with complete addresses
____ Length of time you lived at each address
____ Name of landlord and his/her address (if currently renting)

Employment History

____ All original pay stubs for past 30 day period
____ Employers for the past two years with complete addresses
____ Dates of employment for each job
____ W2s for most recent two years
____ Most recent tax returns (with all schedules) for past two years
____ If there have been any gaps in employment, prepared explanations.

Financial History

____ Copies of most recent monthly statements for all loans and credit card balances
____ Copies of most recent three month’s bank statements for all accounts, stock brokerages, mutual funds, IRAs, Pensions, etc
____ If you are self employed or received a 1099, your most recent tax returns for the past two years with all schedules and a year-to-date profit and loss statement and balance sheet.
____ If you own 25% or more of a corporation, the most recent corporate tax returns for the past two years with all the schedules and a year-to-date profit and loss statement and a balance sheet.

Current Real Estate

____ Property addresses
____ Estimated market values of property
____ Amount of monthly payment and outstanding loan balances (bring copy of most recent loan statement)
____ If you own rental property, your most recent tax returns for the past two years with all schedules and a current agreement.

Personal Property

____ Net cash value of your life insurance
____ Year, make and value of all vehicles
____ Value of your furniture and personal property

Special Situations

Self-employed: Bring your federal tax forms for the past two years, along with a profit and loss statement.

Separated or divorced: Bring a copy of your divorce decree and separation agreement, plus documentation of any alimony or child support payments you are required to make. If you are receiving alimony or child support and want it to be considered as income, you’ll need proof of this income such as the court clerk’s history of payments or cancelled checks for the past 12 months.

Public Assistance: Including pension, disability, Social Security or any other form of public assistance with your income Bring a copy of an award certificate or a check from the issuing agency.

Bankruptcy: Have a bankruptcy, a foreclosure or judgments against you over the past seven years Bring information on the proceedings. Information on bankruptcies should include a copy of the bankruptcy discharge and schedule of both debts and assets. Judgments against you should include an attorney’s letter that discusses the outcome of the proceedings.

Applying for a Department of Veterans Affairs (VA) loan: Bring your DD214 form (discharge) papers or your certificate of eligibility.





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