GET A PRE-APPROVAL
We at Excel Mortgage Services recommend preapproval if you are looking to purchase a home. Once you’re preapproved, you can make an offer on a home with confidence. Upon completion, the next step will be to create an account to apply online and manage your mortgage information. All information provided online will be captured and stored securely with standard Internet security protocols.
The Loan Application Process Summary:
We also highly recommend preparing all your documentation ahead of time to streamline the application process. The following is a summary of information required on the loan application, the documents that may be needed, and the questions that you should be prepared to answer.
SPECIFIC INFORMATION NEEDED FOR THE MORTGAGE APPLICATION:
- Purchase Contract and Property Details for appraisal
- Complete copy of the purchase & sales contract signed by both buyers and sellers
- Contact information for access to the property
- Sources Of Income (Pay stubs, W2, Tax Returns (federal)
- Personal Assets (Bank Statements)
- Personal Debts
- Copy of drivers license
- Additional photo identification
- Homeowners Insurance Policy
- Social Security Number
- Age
- Years of Schooling
- Marital Status
- Number and age of dependents
- Current address and telephone number
- Address for past two years (if more than one)
- Current housing expenses (rent, mortgage, insurance and taxes)
- Name and address of landlord/mortgage holder (past two years only)
- Employment History And Income:
- Two years of employment history (most recent)
- Recent 30 day’s worth of pay stubs and 2 years of W-2 forms
- Complete personal tax returns with current profit & loss statement
- If self-employed, corp. tax returns with YTD profit & loss statements
- Records of dividends and interest received
- Proof of other income (award letters for social security, retirement, pension or military retirement)
Assets:
- Current 2 months’ statements for bank and money market accounts
- Current statements for stocks, bonds, mutual funds, and other investments
- Vested interest in retirement funds
- Information on any cars you own
- Information on any real estate you own
- Value of any significant personal property you own
Liabilities And Debts:
- Itemized list of all current debts: (Ex. Loans, credit cards, child support payments, 401k loans)
- Written explanation of any past credit problems
- Full details of bankruptcy during the last 7 years, if applicable
Additional Items Needed (if applicable):
- Copy of divorce decree, which should include property settlement statement and order of child support
- Complete bankruptcy papers, discharge notice and any other supporting documentation (if bankruptcy occurred in last 7 years)
- Copy of DD214 or Statement of Service (VA loans only)
