What is My Mortgage Advisor’s Job?
Your Mortgage Advisor’s job is to put together a package of supporting documentation that show you are a worthy borrower to a lender. To put you in your very best light, the Mortgage Advisor will first need your personal information to verify employment for you and your co-borrower (if there is one). They will also need information regarding all of your debts and assets.
How Can I Make the Meeting More Productive and Beneficial?
To make your first meeting with a Mortgage Advisor more productive and beneficial for you, it is important you come prepared. You can save yourself a lot of time and hassle during the home financing process by bringing a few relevant documents to your first meeting.
What Should I Bring?
You should gather the following supporting documentation to bring to your first meeting:
- Most recent paystubs covering the last month including year-to-date
- W2s from the previous two years if you are a salaried employee
- If you are self-employed, a year-to-date profit and loss statement for each business you own
- Signed copies of your last 2 years’ tax returns, including all schedules that were filed
- Most recent bank statements for 2 months including all pages, even the blank ones
- Most recent statements from any retirement and investment accounts for 2 months
Additional Documentation for Home Buyers
For home buyers, you will need to show the source of your down payment. If you’re down payment will come from:
- Your savings or checking account – Bring copies of the statements from the most recent 2 months (including any blank pages)
- A gift – We will need a gift letter from the donor on a form that we will provide and verification of the source of the funds. The gift letter will state that the funds are a true gift and will not have to be repaid. Your donor will have to show 2 months bank statements for the account the funds are coming from. You will also have to document the transfer of funds from the donor’s account to your account.
Additional Documentation for Home Owners Refinancing
Additional items to bring if you are refinancing your home:
- Homeowner’s insurance company name and number
- Copy of the Promissory Note from any second mortgage or equity line that will not be paid off with the refinance
Miscellaneous Income Items Needed (Only If Applicable to You)
Additional income items that you should bring if they apply to you:
- Rental Income – Bring copies of the leases for the previous 2 years
- Alimony and Child Support Income – Bring a copy of recorded Divorce Decree and Settlement Agreement
- Social Security/Pension/Disability Income – Copy of the Award Letter and copies of bank statements for the previous 2 months reflecting amounts deposited monthly.
If you bring the documentation that applies to you from this list, you will be well on your way to a speedy pre-approval. Occasionally, the lender may ask for more supporting documentation once they review your file and we will work with you to collect and prepare any other documentation if necessary.
What Should You Do if You Have More Questions?
If you have any questions about what a lender requires or how each of these documents apply to your specific situation, please don’t hesitate to contact me.
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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