If you’re planning on applying for a mortgage, you must realize that the lender wants to know about you. They want to know that you’ve been making your payments on time, how much money you have overall, your job history, and anything else that might help them support their decision to give you money. Remember that at the other end of the mortgage approval process is an underwriter whose job is to approve or deny your mortgage application. This person needs to have everything in order to paint a pretty financial picture of you. So here’s what you will need to get ready to make their job easier.
- 2 years previous tax returns.
- 2 months pay stubs
-12 months cancel checks for rental payment
-2 months bank statements
-2 months IRA, 401k, investments account ( when applicable)
-A letter from your landlord stating that you pay your rent on time. (this will help with processing)
-A letter from your HR department stating your job title, monthly gross income, expected pay increase, hire date, status of employment. (this will help with processing)
-Any letters explaining any issues on your credit signed and dated by you.
By having all of the documents above, it will make the job of your loan officer a lot easier and underwriting a lot faster. This will result in a quicker approved and a lower rate as well as lower closing cost on your Irvine Mortgage. The thought going through the mind of many loan officers upon initial inspection of your file is “how much time will I have to spend on this file.” If he/she has to spend less time, this will result in lower cost to you, although you might have to ask for it.
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