Many buyers are applying for a loan and obtaining approval before they
find the home they want to buy.
Here are the benefits:
- You look at the “right” homes.
- You save money dealing with a comfortable seller.
- You can close quickly.
- You minimize trauma of not knowing whether or not you qualify.
Karen Brewer
Branch Manager & Mortgage Consultant
425-357-9390
kbrewer@windermere.com
Items Needed for a Credit Application
Employment
- Addresses for two full years.
- Gross monthly income.
- W-2’s
– Proof of pensions, retirement, disability of Social Security.
– Proof of income from rental investments, etc.
– Proof of child support or alimony paid/received.
– Year to date pay stub.
- If self-employed:
– Two years Tax Returns.
– Current year profit and loss statement.
Creditors
- Each creditor’s name, address, and type of account.
- Account numbers.
- Monthly payments and approximate balances.
- Amount of child care expenses.
Banking
- Names and addresses of saving & checking institutions.
- Account numbers for all accounts.
- Types of accounts and present balances.
Miscellaneous
- List of assets in stocks, bonds, land.
- Life insurance cash value (documented if used as cash down payment).
- If applicant is selling a home, a copy of the sales contract.
- Social Security numbers for all parties.
- Veterans – Certificate of Eligibility & DD-214.
- Cash or check to pay for application fee.
Real Estate Papertwork
- Copy of sales agreement.
- Copy of listing on property.
· Instruction on how appraiser is to gain access.
