One of the best ways to prepare for your initial meeting with your Mortgage Advisor is to gather up your most recent income and asset documents and have them ready.
Income
Employed by a company: The last two years’ W2s are commonly requested, along with your latest pay stubs spanning 30 days.
Self employed: Expect to be asked for your last two years’ tax returns. If you own more than a certain percent of the company, business returns, including all schedules, may also be needed.
Retired: 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, that it’s currently being received (i.e., deposits into an account) and reasonable evidence that it will continue.
Assets
Be prepared to provide your two most recent statements for bank accounts or other investments, including 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 your homeowner’s insurance agent contact information or letters of explanation, but having your income and asset documentation ready will give you a good start to the process.
Every loan is different, so call me about your individual situation.
– Ray Batalona, BECU Mortgage Advisor, 425-609-5481. Equal Housing Opportunity Lender NMLS# 116652
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