Full Documentaion Mortgages Paperwork Needed

Full Documentaion Mortgages Paperwork Needed

Full Documentaion Mortgages: Paperwork Needed
When applying for a​ mortgage,​ the​ amount of​ documentation required by mortgage providers from borrowers can vary widely .​
Depending on​ the​ mortgage,​ you​ could be required to​ provide full documentation or​ no documentation or​ something in​ between .​
With the​ latter category,​ the​ mortgage company simply relies upon your credit score and your credit history to​ determine if​ you​ qualify for a​ loan.
Concerning a​ full documentation mortage,​ you​ will be required to​ provide the​ following information about your personal finances:
*Your most recent pay stubs -- the​ last two or​ three,​ typically.
*W-2 forms from the​ last two tax years.
*Bank statements for the​ past 2 or​ 3 months,​ i.e .​
checking,​ savings,​ etc.
*IRA,​ 401(k),​ SEP statements going back as​ long as​ 6 months to​ one year .​
Quarterly statements are generally acceptable.
Some sub prime lenders [these are mortgage providers who give loans to​ people who do not qualify for loans from mainstream lenders due to​ low credit scores] simply allow borrowers to​ submit bank statements for the​ past 1-2 years in​ place of​ W2 forms and pay stubs .​
Typically,​ their loan rates are much higher than they would be with a​ traditional lender.
Always,​ your mortgage provider will give you​ a​ check off list of​ documents needed .​
By following the​ list closely,​ you​ can assure that your loan is​ processed quickly and accurately.

You Might Also Like:

No comments:

Blog Archive

Powered by Blogger.