Apply for a Mortgage: Paperwork You’ll Need

by Washington Federal Team on July 12, 2011

When you apply for a mortgage, you have to collaborate between your lender, real estate agent, appraiser and you, which can be a complicated process. In order to ensure that your mortgage loan process is as quick and accurate as possible, it’s important to gather the required paperwork ahead of time.

Your lender should give you an application checklist that details all of the documents you need to begin the home loan process. Here are a few of the required documents for your mortgage application:

  • Copy of the purchase and sale agreement
  • Home address for the past two years
  • Employer’s name and address for the past two years
  • Last two pay stubs and the past two years’ W-2s
  • Proof of other income
  • Last two bank and brokerage statements
  • Outstanding loan information

These documents are used to review your financial history and to determine whether or not you will be a responsible borrower. If you wait until the last minute to locate this paperwork, you will not only delay the home buying process, but you could run into other problems. Preparing your paperwork ahead of time – even getting pre-approved – will ensure that you:

  • Don’t lose the bid on your home. While you’re busy locating misplaced paperwork in order to get your loan approved, other buyers may be putting competitive offers down on your home.
  • Avoid having to pay for temporary housing. If the person buying your home needs to move in before you’re ready to move out, you may need to pay for hotel and storage facility expenses. Make sure your closing is not delayed because of missing paperwork.
  • Keep your current low interest rate. If it takes you too long to close your loan, you may find that your original interest rate lock will expire.  If rates have climbed while your loan was in process, you may face a higher rate, and the larger payment that goes with it.

To find out more or apply for a mortgage pre-approval, contact the Washington Federal branch manager nearest you who will help you find a home loan that best meets your financing needs.

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