Richard's Real Estate Thoughts - Chattanooga TN Mortgage Lender: Initial documents for a dependable mortgage loan prequalification

Initial documents for a dependable mortgage loan prequalification

Reviewing the proper documentation can be more important to a reliable home mortgage loan prequalification than looking at credit. Most people have some idea of their credit and credit requirements. Critical questions which should be addressed early involve employment and address history, income and asset sources, and loan objectives.

Documents should be reviewed completely:

Paystubs – consecutive paystubs identify the employer, pay period, pay type, amount of overtime, consistency of hours works, unusual deductions

W2s – for 2 years, verify work and address history, income earned and that the income is W2 earnings and not contracted income

Full tax returns – all schedules for most recent 2 years, show unusual deductions, other income sources, self employment, other property, dependents

Full bank statements – most recent two months, shows assets for closing, identifies unusual deposits that might require explanation, unusual deductions for undisclosed obligations, name and address information

Driver’s license – name and address information, identity verification

If any of these documents are not readily available, that may suggest the loan approval will be difficult.

Lenders review all documentation thoroughly, looking for any discrepancy. A too quick prequalification is simply not reliable. Asset documentation and pay stubs most frequently can bring unexpected complications during your loan approval process. A good initial prequalification review of your documents is essential for your smooth closing

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Richard Smith
NMLS# 184479 TN# 104002 GA# 28928 

Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,

Rural Development ( USDA), and Jumbo Loans

Lending in Chattanooga, Tennessee and Georgia for over 20 years.

Sierra Pacific Mortgage

Cell phone: 423-280-0345 Email:

Visit my website to inquiry about a home loan.

Read my most recent articles in Scotsman Guide.

This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Sierra Pacific Mortgage. 

Comment balloon 0 commentsRichard Smith • October 05 2016 11:49AM