Conditions for Mortgage Approval
Author: Mark Madsen - Frost Mortgage Banking Group
Meeting with a loan officer for the first time can be a quick and painless experience if you are prepared.
The following is a list of the general borrower information and conditions that need to be presented at the time of the initial mortgage application process for a full approval:
Personal Information
- Full Name
- Date of Birth
- Social Security Number
- 2 Yrs Residence History - monthly payment, rent or own, payment method
- List of all Real Estate Owned - values, balances, monthly payments, taxes, and insurance
- 2 Yrs Employment History - job title, yrs in industry, income / structure, contact information
Subject Property Information
- Type of property purchasing - Condo, Single Family Residence, Las Vegas High Rise, New Construction, Re-sell
- Residence Status - Primary, Second Home, Investment Property
- Budgeted Down Payment
- Budgeted Monthly Payment
- Desired Program Type - Fixed, ARM, Negative Amortization, Reverse Mortgage
- Names to be listed or left off of title
- Estimated time in property
- Goals with property
Conditions
- Most recent 2 pay stubs
- Most recent 2 Yrs. W2’s
- Most recent 2 Yrs. Tax Returns
- Most recent 2 Bank Statements, 401k, Mutual Fund, or other Investment Accounts
The application process is a time where your loan officer can help you structure the best mortgage plan of action that will fit with your long and short term financial goals.
Click HERE for a list of some other mortgage application questions that a loan officer may ask.
