September 15th, 2011 10:58 AM by Gregg Mower
Loan Application are a financial snapshot of your finances as of this moment in time. We take into consideration what you are doing now and what you have done in the past. A loan application gathers your Address history for the last 2 years. It gathers your income and job history for the last two years. It gather your banking information for the last 3 months as well as you investments and retirement. It gathers your rental property information if you have them. It also gathers your debt information, what the balances are and the minimum payments on that debt.
Once we have this information as a lender we determine if the loan meets the lending criteria set forth by the secondary markets, and if it does we the approve the loan. If it does not meet the criteria we either pose alternate programs or have to issue a denial letter. As a lender we have 30 days to issue what is called a "Notice of Action Taken Letter".
So when applying for a loan be sure to have the following items ready to be given to your lender;
1. Pay Statements for the last 2 months.
2. YOur last 3 months Bank, investment, retirement statements available.
3. Your last 2 years of Tax returns as well your W2s and or 1099s.
4. Your address history for the last 2 years.
5. Your Job history for the last 2 years.
6. Your Landlord name and address.
7. A list of your bills and balances is helpful but we will obtain that from the credit report as well.