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Below are lists of commonly requested information you should expect to provide when you apply for your loan. You may be asked for additional documentation, depending on your situation.
Preapproval borrowers can supply this information after they sign the purchase contract.
When you apply for a loan you’re often asked to provide income documents (paystubs, W2, tax returns), bank account statements, and a purchase agreement if you are buying a home.
Underwriters review and validate your loan package to make sure it fits the guidelines required for your loan program. They review your application and look at your income documents (paystubs, W2, tax returns), bank account statements, credit, and the property value.
Closing costs are all the required fees charged to process, approve and close your loan. These include lender fees, attorney fees, appraisal fees, title fees, pre-paid taxes and various other fees.
Ask your Loan Specialist to lock in your rate. Mortgage rates may change between the time you apply and the time you close, so you’ll want to consider a rate lock. A rate lock is a guarantee your rate and points will not change for a specific time (usually 30, 60 or 90 days). A locked rate won’t change even if advertised rates go up, so long as you close within the rate lock period.