The mortgage process has evolved immensely since the mortgage crisis in 2008. Many layers of fact checking have been added to ensure that indeed each borrower is prepared to make the life changing decision of purchasing a home.
To make sure you’re ready for what the process entails, here are 5 major milestones of the loan process.
✓ Most current pay stub showing at least 30 days of year to date income
✓ Past two years’ W2s
✓ Two years of personal tax returns
✓ Bank, investment or retirement account statements covering the past two months (all pages)
✓ Current homeowners insurance declaration page
✓ Most recent mortgage statement
✓ If ever divorced, a complete divorce decree and separation agreement
✓ If ever declared bankrupt, complete bankruptcy papers
✓ Credit explanation letter for any recent or significant derogatory credit issues
✓ Inquiry explanation letter if you’ve applied for any forms of credit in the past 90 days
This process often seems overwhelming, especially for first time home buyers. But if you’re working with a skilled team like our Skyline loan officers, it doesn’t have to be.