Preparing
To Apply For A NY Mortgage
Below you will find an itemized list
of all of the information typically needed to process
a New York mortgage. In order to start the application process
a "loan application" (form 1003) is completed
with information you provide verbally to a loan officer.
The loan application information includes your current
and previous address (if you haven't been in your home
for at least two years), your current and previous employer
(if you haven't been with the same employer for at least
two years) and your credit and asset information.
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offer on today's lowest New York mortgage interest rates. Click Here!
This list attempts to cover all of the
information that may be needed. The loan type and your
particular credit situation will eventually determine
exactly what documentation you will need to supply.
Borrowers with higher credit scores
may be eligible for certain income verification waivers,
e.g. you may only be required to provide one pay stub
or may qualify for what is known as a "streamlined
mortgage acceptance".
There are also NY loan programs which
offer a discount on the interest rates for borrowers
with exceptional credit. Ask us to see if you qualify.
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offer on today's lowest New York mortgage interest rates. Click Here!
| Borrower
and co-borrower employment information
- The name, address and phone numbers of your
employers over the past 2 years
- Your academic transcripts or diploma if you
have been a student
Borrower and co-borrower
proof of income
If you are paid by salary
or are an hourly employee
- Your most recent pay stubs showing the last
30 days of pay
- Your W-2 and 1099 forms for the past 2 years
If you are self-employed
- Your current profit & loss statement
- Your past 2 years income tax returns including
all schedules
If you own a corporation
- The last 2 years business income tax returns
- Evidence of your quarterly income tax payments
If you are part of a partnership
- The last 2 years partnership income tax returns
- Your past 2 years income tax returns including
all schedules
- Your current Profit and Loss statements
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| Proof
of other income
Proof of rental income
- Any current lease agreements
- Your past 2 years income tax returns including
all schedules
Proof of interest, dividend, bonuses
of commissions
- Your past 2 years income tax returns including
all schedules
Proof of notes receivable
- A copy of the notes
- Your past 2 years income tax returns including
all schedules
Proof of social security or pensions
- Your award letter
- Your W-2 and 1099 forms for the past 2 years
- Proof of recent receipt of payment (either
check stubs or your current bank statement)
Proof of child support, alimony or maintenance
- Last 1 years cancelled checks or proof of
receipt
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offer on today's lowest New York mortgage interest rates. Click Here! |
| Proof
of borrower and co-borrower assets
- Your current statements for the past 3 months
for any financial institution where you have
funds on deposit including IRA's and 401K's.
- The Estimated value of your personal property
including automobiles and real estate owned
- Copies of cancelled checks for any monies
earned other than from your primary employer
- A gift money affidavit if applicable
- A copy of cancelled gift money check if applicable
- Proof of deposit of gift funds (e.g. a stamped
deposit slip)
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offer on today's lowest New York mortgage interest rates. Click Here! |
| Proof
of borrower and co-borrower liabilities
- The names and account numbers for all creditors
including revolving credit, installment loans,
car loans, credit cards and student loans
- The lender name, address and account number
for any current mortgages including your current
residence and any rental properties you may
own
- Your monthly child care expenses
- Any child support, alimony or maintenance
payment information
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offer on today's lowest New York mortgage interest rates. Click Here! |
NY mortgage & Refinance - New York |
