Applying For Your Loan

Congratulations! You’ve made the first step toward new home ownership by selecting a home and completing the purchase and sale agreement. The next item you will need to take care of is the selection of a lender and completion of a mortgage application. Plan to accomplish this within five business days of signing your purchase agreement. Take the completed purchase agreement with you when you first visit your lender.  If you have not selected a lender, Riverside Homes has several preferred lenders who have proven to be professional in every aspect of the home loan process.

Your lender's  job is to understand your particular financial circumstances completely. You will review all information on the application at your meeting with the loan officer. A situation rarely arises that your loan officer has not encountered in the past. Do not hesitate to discuss any questions you have regarding your assets, income, or credit. By providing complete information, you prevent delays or extra trips to deliver documents.

Loan Application Checklist
The amount of documentation and information required for a mortgage can seem overwhelming. You can facilitate the application process by collecting as much of the needed information as you can before your appointment. The checklist that follows is a general guide to assist you with the loan application. Some of the items listed may not apply to you and your lender will probably request some items that we have not mentioned, but this list will get you off to a good start.

Property Information
__  The purchase agreement will include the legal description of the property and the price.  

Personal Information
__  Social Security number and driver’s license for each borrower.
__  Home addresses for the last two years.
__  Divorce decree and separation agreements, if applicable.
__  Trust agreement, if applicable.

Income
__  Most recent pay stubs.
__  Documentation on any supplemental income such as bonuses or commissions.
__  Names, addresses and phone numbers of all employers for last two years.
__  W-2s for last two years.
__  If you are self-employed or earn income from commissioned sales, copies of last two years of tax returns with all schedules and year-to-date profit and loss for current year, signed by an accountant.
__  Documentation of alimony or child support, if this income is considered for the loan.

Real Estate Owned  
__  Names, addresses, phone numbers and account numbers of all mortgage lenders for the last seven years.
__  Copies of leases and two years of tax returns for any rental property.
__  Market value estimate.

Liquid Assets  
__  Complete names, addresses, phone numbers and account numbers for all bank, credit union, 401K and investment accounts.
__  Copies of the last three months statements for all bank accounts.
__  Copies of any notes receivable.
__  Value of other assets such as auto, households goods and collectibles.
__  Cash value of life insurance policies.
__  Vested interest in retirement funds or IRAs.

Liabilities
__  Names, account numbers, balances and current monthly payment amounts for all revolving charge cards.
__  Names, addresses, phone numbers and account numbers for all installment debt and approximate balances and monthly payments for such items as auto loans and mortgages. __  Alimony or child support payments.
__  Names, addresses, phone numbers and account numbers of accounts recently paid off, if used to establish credit. Please note that you will be asked to pay for a credit report and an appraisal upon signing the application.