Being prepared for your initial meeting with your mortgage advisor will make the whole process go more smoothly. All you need to do is gather up your most recent income and asset documents. Here’s a quick list of documents that are commonly requested.
Employed by a company – Bring your last two years of W2’s, along with your last two pay stubs spanning 30 days.
Self- employed – Expect to be asked for your last 2 years’ tax returns. If you own more than a certain percentage of the company, then business returns, including all schedules, may also be needed.
Retired – Bring your most recent award letter and documentation of recent deposits are commonly requested.
For other types of income, the rule of thumb for most lenders is the ability to document a history of receiving that income, a record that it’s currently being received (i.e. deposits into an account), and reasonable evidence that the income will continue.
Be prepared to provide your two most recent statements for bank accounts or other investments. Include all pages. Although a page may be blank, if the lender cannot see Page 4 of 4, they don’t know if there is or is not important information on there.
You may also need to provide contact information for your homeowner’s insurance agent or letters of explanation.
Have this documentation ready, and you’ll be off to a good start in the process.
*Loans are subject to credit approval and other underwriting criteria and not everybody will qualify. Certain restrictions apply. Home Loan programs, terms and conditions subject to change without notice. Boeing Employees’ Credit Union NMLS ID 490518.
Terri Marks, BECU, Mortgage Advisor, 425-609-5489, MLO#517752