Mortgage Calculator

	Purchase price: $ Down payment: % Mortgage term: years Interest rate: % Property tax: $ per year Property insurance: $ per year PMI: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Loan amount: $ Loan term: years Interest rate: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Collecting Important Documentation

There have been a lot of changes in mortgage lending over the past year.  Perhaps the biggest change we have seen is that nearly all mortgage applications are back to the old way of doing things… Full Documentation. Understanding the documentation requirements of your mortgage application and being prepared, will go a long way towards streamlining the application process.  Most disruptions to the lending process are due to missing documentation.  You should begin saving and organizing the following documents as early as possible.

The Basic Documentation Requirements:

Past 2 years W2 or 1099 statements from all employers

Copy of Current Year’s Award Letter(s) for Social Security, Pension, Annuity Income, Etc.

Past 2 month’s complete banks statements – all pages required

Past 2 month’s complete statements for all 401k’s, IRA’s, Mutual Funds, TSP accounts, Etc – all pages required

Consecutive Paystubs or L&E statements covering the most recent 30 day period

Social Security Numbers and Date of Birth for All Applicants on the loan

Complete Employment History covering at least the past 2 years including dates of employment, business address, and HR Phone Number, and website address if applicable

Complete Residence History covering at least the past 2 years including dates, addresses, rental or mortgage payment amounts, and landlord contact info if applicable

Copy of Fully Ratified Purchase Contract – please include all pages

Name and Contact Information for Homeowner’s or Condo Association if applicable

Name and Contact Information for Homeowner’s Insurance Agent

Name and Contact Information for Settlement Company or Closing Attorney

If  SELF EMPLOYED…  (more than 25% of your gross income is derived from 1099 or self employment income or business ownership)

Signed Copies of Past 2 years personal tax returns (1040’s) including all schedules and pages with original signatures by all parties

Signed Copies of Past 2 years business tax returns (1120’s) including all schedules and pages with original signatures by all parties

A copy of your current business license

VA Loans…

Copy of last DD-214

Certificate of Eligibility (COE)

Active Duty – Copy of Most recent orders

Active Duty – Statement of Service from your command

Additional Documentation That May be Required…  (please collect the following if applicable)

Credit Explanation Letter – a letter detailing the circumstances for any and all derogatory credit

Credit Inquiry Letter – a letter detailing the circumstances for any and all credit inquiries

Copy of Bankruptcy papers if filed within the past 10 years – all pages of all schedules required

Copy of Fully Executed Separation Agreement

Copy of Fully Executed Divorce Decree

Copy of your Child Support Order

Copy of at least the past 6 months checks received for alimony and or child support if you wish to count this income

Additional Items Needed for a Refinance Application…

Mortgage Payoff Information

Copy of Homeowner’s Insurance Policy – Declarations Page

Copy of HUD-1 Settlement Statement from the Purchase of the Home or last refinance

Copy of Owner’s Title Insurance Policy

Statements for all Debts to be Paid with the Refinance

Click Here for Tips on using the mortgage calculator.

Next Step: Initial Mortgage Consultation