Austin Texas Real Estate

Steps to obtaining a mortgage

When you start looking for a home, the first thing you want to look at is how much home you can afford. So, when you meet with a mortgage broker, they will ask for certain documents to help them verify how much home you'll be able to purchase.

When you meet with the mortgage broker, they will ask you for the following...having it available at the first meeting speeds things up tremendously!!

General Documentation

• You will need a picture ID and Social Security number of the borrower and co-borrowers
• Payment to cover the application fee (see Closing Costs) *Bring your checkbook to the meeting.
• Name and complete address of all landlords or the mortgage company to whom you've paid rent or a house payment for the last 2 years.

  Income

• Employment history for the past 2 years including names, addresses and phone numbers as well as length of time with the company.
• Copies of your most recent pay stubs and W-2 forms for the past 2 years.
• Verification of other income that you recieve (social security payments, child support, retirement benefits, etc.)
• If Self-Employed, you need ocpies of your tax returns for the past 2 years, including all schedules and a signed profit and loss statement for the current year. *Retirees need tax returns for the last 2 years.
• If you have rental property income, you need to bring a copy of the lease agreements.

  Assets

• Copies of all bank and credit uniton statements for the past 3 months.
• Copies of all stock/bond certificates and/or the past 3 statements from all investment and retirement accounts.
• Estimated value (itemized) of all household items.
• Information on debts and crrent values of all automobiles, boats, motorcycles, etc.
• Face amount, monthly premious and cash values of all life insurance polices (cash value may be used for closing costs or down payments. You need doucmentation from the carrier indicating cash value.)

  Creditors

• Credit cards - you need account numbers of all open accounts (regardless of balance), current balance and monthly payments.
• Installment loans - (these are car loans, student finanicing, etc) same details as credit cards.
• Mortgate loans - you'll need property address, lender and address account numbers, monthly payment and balance owed on all properties presently owned or sold within the last 2 years. *Bring proof of sale of all properties sold.
• Child care expense/support amounts - name, address and phone number.

  Other

• Bankruptcy - bring discharge and schedule of creditors.
• Adverse Credit - bring letters of explanation (to find out what might be on your credit report, click here!)
• Divorce - bring Divorce Decree, property settlements, quit claim deeds, etc.
• VA ONLY - bring Form DD214 and Certificate of Eligibiolity.
• Retirees - bring retirement and/or Social Security Award Letter.

David Hood
Austin Homes & Real Estate
(512)567-7053