Prospective homebuyers, especially first-time homebuyers, may feel overwhelmed by all the documents that need to be gathered for a lender. If you are going to purchase a home with a mortgage or refinance your current mortgage, you will be required to sign disclosures and fill out an application to begin the process. Mortgage Investors Group will work with you to make the process as pain-free as possible.
The applicant is required to produce various documents for us. Information, such as credit history, employment information, and recent bank statements, needs to be collected. With these documents, we will be able to properly assess how much you can afford to borrow.
If you are prequalified for a loan, a mortgage underwriter will then review the details of your home loan application for final inspection. The underwriter’s job is to carefully review all your documents against the criteria of the loan. The underwriter needs to make sure that the borrower can comfortably afford to pay back the loan. Different lenders have different guidelines, based on the type of loan being given, for their underwriters to follow.
Although guidelines differ from lender to lender, all lenders are required to review a prospective borrower’s income and financial information. Following is a list of documents lenders typically require when qualifying borrowers for a loan:
For additional information on documents required for a loan, contact one of Mortgage Investors Group’s expert staff members.