What you need to get ready before applying for a mortgage loan – Natoli Mortgage Advisory Services, Inc.

Loan Application Checklist

In general, the documentation you will need includes:

IF REFINANCE:

Copy of your current mortgage Statement

Copy of current real state tax statement

Copy of your current homeowners insurance declaration page(s), property and flood, if applicable

IF PURCHASE

Property Information (if you already have a contract on a house)

Purchase Agreement

Copy of legal description and MLS sheet.

If you are selling your current home, copy of listing contract.

If you have sold your current home, copy of settlement statement (HUD-1).

GENERAL DOCUMENTS

THAT MAY BE NEEDED FOR ALL APPLICATIONS

Income & Assets

Pay stubs for the last 30 days - must be kept current during the process.

For the past two years:

	Names and addresses of each employer.
	Last two years personal tax Returns with matching W-2s

Statements for each bank, mutual fund, and/or investment account for the last three months.

Estimated value of personal property and furniture.

If you have made any large deposits to your accounts:

Explanation and source for deposit.

If large deposit was a gift:

	Signed gift letter (lender can supply).
	Copy of gift check.
	Copy of deposit receipt.

If you own more than 25% of a business:

Corporate or partnership tax returns.

If self-employed:

	Tax returns for the last three years (with schedules).
	Year-to-Date Profit and Loss Statement prepared by an accountant.

If you own rental property:

Tax returns for the last two years and current rental agreements.

If you are retired:

Pension Award Letter.

If you receive Social Security:

Social Security Award Letter.

If you are counting child support or Alimony as income:

	Copy of divorce settlement.
	Evidence that you are receivig child support and/or alimony ie: last 6 months bank statements showing direct deposit

Debts

Names, addresses, account numbers, balances and monthly payments on all current loans.

Explanation of credit report anomalies, including:

	Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.
	Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

If You pay child support, provide documentation detailing those terms

VA Loans

Copy of DD Form 214, Report of Separation.

Miscellaneous

Photo ID and copy of Social Security card.

Residence addresses for the past two years.

If applicable, a copy of your divorce decree.

If you are not a citizen, a copy of the front and back of your green card.

Advise us of any other circumstances that we should be aware of as soon as possible so we may assist you to obtain an approval for the financing you need.

Kathleen Natoli, Licensed Mortgage Loan Officer and Personal Trusted Mortgage Advisor. New Jersey Department of Banking & Insurance. Providing the information and expert advice needed to assist borrowers to obtain the right loan for their situation - not just providing rate quotes. First Time Homebuyer Specialist with expertise assisting individuals divorcing or who have joint interest in a home and their relationship is ending; such as in Divorce. Keynote speaker providing mortgage financing seminars, Credit Improvement and Evaluation programs and Divorce & Your Home. NMLS Individual ID 241155.

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