What Your Loan Officer Needs to Know Before You Buy a Home or Refinance

Published on November 21st, 2016

Are you ready to begin your journey towards home ownership? If renting is getting old and you’re growing tired of your landlord, home ownership could be the right choice for you. vLoan is the evolved mortgage lender for the digital generation.

Start the digital mortgage process today with the help and guidance of a dedicated mortgage advisor or loan officer. Get your free rate quote to explore your options.

After you start the mortgage process, your loan officer needs some information from you first.

Whether home buying or refinancing, you’ll have to share various documents with your loan officer to determine your approval. You can share these documents with us digitally through the My vLoan App or secure online application.

Here is a list of several documents your loan officer may need from you:

Pay-stubs – You’re most recent paystubs are required to specify verified income. If you’re paid electronically through direct deposit, your employer can usually provide digital copies that you can securely share directly with your loan officer. If you’re a freelancer or self-employed, you’ll need to provide tax returns or banks statements in place of this.

W-2s – Your loan officer will need your W-2s from the previous two years if you regularly collect a paycheck.

Federal Tax Returns (if Self-Employed) – You’ll have to provide all pages and schedules.

Copy of Pension Income Statement (if Applicable) - This documents your pension income if this applies to you.

Copy of Social Security Awards Letter (if Applicable) – This documents your income through social security.

Driver’s License or State Issued Picture ID – A clear and legible copy is needed to verify your identity.

Bank Statements - Provide all pages, even if blank, for the two most recent months for your checking and savings accounts.

Retirement Accounts (401k, 403b, IRA, Roth IRA, etc.) -  If you have one, you’ll need to provide the most recent statement for the accounts

You might be asking yourself, “Why do I need to provide all of these documents?” You need to build a case for yourself as a borrower so your lender can find the perfect loan for your specific financial situation.

Our vLoan mortgage advisors are happy to help you if you have any questions about the home buying or refinance process. Contact us if you have any additional questions about the mortgage application process. We are thankful for our team of mortgage advisors! Follow us on Facebook or Twitter to keep up with November’s monthly campaign #ThankfulForvLoan.


Source: http://www.bankrate.com/finance/mortgages/documents-you-need-to-get-a-home-mortgage-1.aspx

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