Richard's Real Estate Thoughts - Fairway Independent Mortgage Corporation NMLS #2289: 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.

*A pre-qualification is not an approval of credit and does not signify that underwriting requirements have been met.


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Richard Byron Smith
Mortgage Loan Officer
NMLS# 184479 TN# 104002 Georgia Residential Mortgage Licensee, GA#28928
Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,
Rural Development (USDA), THDA and Jumbo Loans

Cell phone: 423-280-0345 Email:  Richard.Smith@FairwayMC.com
Branch Contact: Fairway Independent Mortgage Corporation,
2115 Stein Dr, Suite 215, Chattanooga, TN  37421
Office Phone: 423-280-0345  Office Email: richard.smith@fairwaymc.com

Mortgage Loan Officer helping home buyers in Tennessee and Georgia for over 20 years.

Fairway Independent Morgage Corporation
NMLS #2289
Chattanooga, TN

Equal Housing LenderNMLS

Visit my website to inquiry about a home loan.

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

 Copyright ©2018 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-877-699-0353. Georgia Residential Mortgage Licensee #28928. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

 

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Comment balloon 0 commentsRichard Byron Smith, NMLS #184479 • January 23 2018 09:00PM

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