Results Realty Buzz: Get Organized Before Applying For A Mortgage

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Get Organized Before Applying For A Mortgage

I often have people ask me what they need to do to apply for a mortgage.  George gives some great insight on getting organized to make your loan application.


What should be one of the simplest steps in purchasing a house sometimes turns into one of the biggest problems.  When I Pre-Qualify someone for a loan, I tell them that they need to start organizing the documents that they will need, especially if they plan on purchasing soon.  I then go over the list of documents that they will need for the type of loan that they will most likely be applying for.  Some documents may differ based on the Loan Program, but there are some documents that are needed regardless of the Loan Program, such as:


  • One month of paystubs
  • W2’s for the past two years
  • Bank statements, 1 month for conventional loans, and 2 months for FHA

As simple as these documents may seem, they can create delays when a Borrower does not listen to my advice, and does not start to comply them right away. 


I am always amazed at how many people do not keep their paystubs and bank statements.  Bank statements we can get around by just having the Borrower go to their bank and getting a bank printout of their account, but paystubs are a different matter.  If they do not keep their paystubs, and cannot get duplicate ones from work, then we may end up having to wait a full 30 days for them to acquire them.  That may not be a major issue for someone who has plenty of time to Close, but for someone who has to Close quickly, that could be a big problem.  W2’s can also create delays if we have to wait for duplicates from work, or for the Borrower to get them from their accountant, or IRS.


Other documents that are commonly needed with some loan programs that Borrowers don’t always have handy, and could slow down the loan approval process down are:


  • 2-3 years Tax Returns needed for:
    • Self-Employed Borrowers
    • CHFA Loans
  • Gift money documentation:
    • Copy of Gift Check
    • Proof of withdrawal
    • Proof of deposit
  • Divorce Decree:
    • Proof of receipt of Alimony/Child Support payments
  • Bankruptcy documentation
  • Certificate of Eligibility (VA Loans)

There are other documents that are sometimes needed, but these are the most common.


Buying a house can be a very stressful process, but much of the stress can be eliminated if the Borrower follows the advice of the Real Estate professionals that they are working with.  A little time spent on preparation and planning, can sometimes save many hours of delays, and stress during the Home Purchasing Process.




Who To Call For Your Mortgage Needs In Connecticut:

George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, or visit my McCue Mortgage Homepage. 

Comment balloon 7 commentsMarchel Peterson • August 29 2011 10:45PM


Great reblog Marchel - I don't think a lot of people realize all that is necessary to get a mortgage. George wrote a very organized and comprehensive list of what to expect.

Posted by Kristine Ginsberg, NJ Home Stager (Elite Staging and Redesign, LLC) over 7 years ago

I always let them know the underwriter's will ask for additional paperwork and updates as their file ages.  Keep it all handy!

Posted by Karen Crowson, Your Agent for Change (Coldwell Banker Residential Brokerage) over 7 years ago

Preparation +  opportunity = success. :)

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 7 years ago

And remember, the lender needs this paperwork; she/he doesn't want it just to paper their see Carole's formula for works well

Posted by Elizabeth Arduain, Lubbock Texas Real Estate (The Diamond Group @ Keller Williams) over 7 years ago

Marchel thank you for the re-blog.  Glad you found it worth passing on.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 7 years ago

Marchel, great re-blog. It is good idea to think ahead of time and have those documents ready instead of being stressed out when the bank will ask for them.

Posted by Anna Dovger, Home Staging -The Woodlands, TX (Add Value Home Staging LLC, 281-704-6607) over 7 years ago

Marchel - thanks for the reblog.. some great points that buyers need to heed.

Posted by Sheila Newton Team Anderson & Greenville SC, Selling the Upstate since 1989 (Berkshire Hathaway HomeServices - C. Dan Joyner) over 7 years ago

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