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Once you've Been 'Prequalified"
Once you've been prequalified for a loan, you'll need to know a few things to help you speed up the loan process.
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Once you've been notified by your Texas Funding Loan Officer that your pre-qualification request has been approved, you are one step closer to getting your new home loan.
Your loan officer will set an appointment with you to apply for your home or refinancing loan. To save time and make the application process move quickly, it's in your best interest to have certain information available at the time of the loan application. Anyone applying for a loan understands that certain information is required from the borrower by a lender. Home loans are no exception.
Texas Funding has put together a list of information items that are commonly asked for when applying for a home loan or a refinance loan that you can use to get your information together before Loan officers and lenders ask you for it, greatly reducing the time it will take to close the deal on your new home loan. It's in your best interest to have this information and readable copies of the related paperwork AT THE TIME OF THE LOAN APPLICATION. When the loan officer can include these copies with your application, the time to final approval of the loan is greatly decreased.
These are items that are typically asked for:
Original Paystubs covering the most recent 30 day period for each applicant. Continue to collect and save these paystubs until your loan has closed.
Original W2 forms for each applicant for the last 2 years.
Name, address, and Phone Number of each landlord for the last 2 years.
Original and most current 401k and IRA statements.
Original Investment and account statements for all investments made within the last 3 months.
Last 12 months cancelled Mortgage Payment or Rental Checks
Written explanations of any and all credit issues that may exist.
A copy of any existing survey of Home & Property that may exist. ( This can save you money and time! )
Written verification of Employment for all borrowers.
Written Payoffs of existing current Mortgage ( home and/or land )
Copy of each applicant's drivers license
Copy of each applicants Social Security Card.
If You've been Divorced:
Complete signed copy of your divorce decree and separation agreements including all stipulations
Proof of receipt of payments for child support for the last 12 months if applicable
If You are self employed:
Copy of the last two years Personal & Business Federal signed Income Tax returns
A Year to date Profit & Loss Statement and Balance Sheet
If You are buying or refinancing a manufactured Home:
Copy of the manufactured home title
Copy of the Installment agreement from the purchase of the manufactured home.
Copy of the Land Contract.
Miscellaneous Items
If you own Rental Property, you'll need to provide a copy of current lease(s) and Proof of Income claimed on Tax returns.
If you had an employment lapse of more than 30 days during the past 2 years, provide an explanation letter.
If you've had a bankruptcy, you'll need a copy of the Bankruptcy Decree, Discharge papers and and explanation letter for filing Bankruptcy.
A few more things you should know: Once you've been Prequalified for a loan, don'tchange residence, apply for new credit or quit your job. A job change for better income will not hurt, but again, you will need to be able to prove that your income has increased with the new job, and that can take time. It's best not to make any changes to until your new loan is CLOSED.
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