Preparing for the Loan Process

No one enjoys paperwork or searching for last year’s tax return, but the reward far outweighs the few moments it will take to get us what we need. If you want to close your loan on time, with the least amount of stress, here are the documents the U.S. Government requires Fairway to have to process your mortgage.

Please provide the following for all borrowers:

 Personal:

  • Social Security numbers
  • Copy of drivers license or a photo ID with date of birth
  • If separated or divorced, please provide a copy of the separation agreement and divorce decree

Financial:

  • Copies of checking and savings accounts statements for the past two months (you will need to provide all pages, even if they are blank)
  • For any large deposits fof $1000 or more
    • Provide a letter of explanation for the large deposit
    • Copy of the deposit slips
    • Image of the check
    • If the money transferred from another account, we will need the account statement showing the transfer (all pages)
  • Terms of withdrawal for any 401k statements
  • Evidence of any other assets such as bonds, stocks, or money saved in retirement programs
  • W-2 or 1099’s or income tax returns for the past two years
    • Include any K-1’s and business or partnership returns that you file (all pages)
    • Page 2 of the 1040’s must be signed
    • If self-employed include all pages of business return

Residential:

  • Name & phone number of your current landlord if applicable
  • Residence history for the past two years
  • Homeowner’s association information with contact information if property is a condo or part of a homeowner’s association

 Work History:

  • Employer name, address, phone or email address, position held, and monthly income (Must show Employer name, your name, and current year to date (YTD) income
  • Recent, computerized paycheck stubs covering the last 30 days

New Home:

  • Sales contract for the purchase of a new home
  • Homeowners insurance agent name & contact info to order or update your insurance
  • Copy of ALL current mortgage statement(s) – including rental or vacation homes

 

If refinancing, we also need:

  • Copy of title policy from previous closing or HUD-1 Settlement Statement
  • Copy of 2nd mortgage note/equity line agreement
  • Copy of your homeowner’s insurance declarations page

 

 

 

 

 

 

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