Purchasing a home is one of the biggest financial decisions you will ever make. Homeownership comes with a lot of benefits and a lot of paperwork. But don’t worry, once everything is signed on the dotted line, you can grab the keys to a very valuable investment for you and your family.
When applying for a mortgage, you will fill out what is called the Uniform Residential Loan Application. The application helps to determine whether or not you qualify for a mortgage. There are nine sections to it, all requiring you to provide some important information regarding your income, expenses, employment, etc. The same goes for any co-signer or co-borrower.
You will need to fill out all the sections applicable to the house you want to purchase. If you omit any information or documentation, it could delay the processing of your application. I find that often borrowers will forget to disclose important information such as a stock portfolio, outstanding business expenses, or a recent job change. Your Loan Originator needs as many details as possible to avoid any surprises.
Here is a breakdown of what you will need to provide when completing your loan application.
- Personal information including your date of birth, marital status, dependents, and your current address.
- Employment history (including your current employer) and your gross monthly income. Make sure you include accurate start and end dates if you had more than one job in the last two years.
- Income from other sources such as child support and retirement.
- List of your assets.
- Financial information on any other real estate or investment properties that you may own.
- Gifts or grants that you will receive for the home loan.
- Any declarations regarding the property, your funding, and your past financial history.
In addition to the application, you likely will need to provide the following documentation.
- Tax returns
- Pay stubs, W-2s, or other proof of income
- Bank statements
- Credit history
- Gift letters (if applicable)
- Photo ID
- Rental history
If you are self-employed or are receiving alimony or child support, you may be required to submit additional documentation with your application. The good news is much of the information and documentation can be submitted electronically, saving you some time.
Axia Home Loans Guest Author:
Julia Harford, NMLS# 120442
Senior Loan Originator
Axia Home Loans
Equal Housing Opportunity. Axia Home Loans is a registered tradename of Axia Financial, LLC. NMLS 27830.