Issuu on Google+

Your Mortgage Application Checklist  

To successfully complete your loan application, you will be required to provide some specific financial information. Your Mortgage Advisor will also ask permission to request a credit report. Additionally, your Mortgage Advisor will ask qualifying questions to obtain an understanding of your particular situation and how best to accomplish your goals and needs. To facilitate the process we have designed this handy checklist to help you and any co-‐borrower gather the necessary information.

Documents Required for Pre-‐Approval 1. Income

Last 2 years federal tax returns with all schedules Last 2 years W-‐2 forms Last 30 days paystubs 2. Assets Most recent 2-‐month supply of bank statements for all funds to be used for closing NOTE: All pages to each statement 3. Identification Photo ID

Additional Items Needed If Applicable: 4. Other Documentation

Last 2 years business returns NOTE: All schedules to each return Divorce decree / settlement agreement Proof debt paid by another person Documentation to support large deposits, gifts, inheritance Documentation to support recently opened debt  

Lender of Choice Since 1964   www.stonegatemtg.com    

 Branch  Locations:          Fishers,  Greenwood,  Avon,  IN|  Overland  Park,  KS|  Columbus,  Mansfield,  OH    


Qualifying Questions Thank you for applying online. We are thrilled to be your Lender of Choice. In order to create a mortgage solution that accomplishes your goals and needs we will need to ask you some questions. Please read over the questions to the right and provide answers to any situations that apply. Your Mortgage Advisor will go through this information with you during your loan consultation.

Qualifying Questions That Must Be Asked 1. Income: Do you report a loss on your tax return? Are you paid on commission? Do you write off business expenses? Are you paid hourly or salary? 2. Assets Any large deposits in the past 3 months? What is your source of down payment? Any new accounts opened? 3. Credit Any new debt acquired? Any contingent debt? Any debt not on credit report such as: child support, separate maintenance, garnishment? 4. Employment Are you a full-‐time permanent employee? How long with current employer? How long in the industry? If new position: When do you start? Are you on probation? 5. Property What type of home are you looking for? Condo? Townhome? Single-‐family?   Owner occupied? Second home? Investment Property? Rural? Suburban?

Lender of Choice Since 1964 www.stonegatemtg.com    


Purchase Agreement Checklist The moment you find a home it is time to contact your Mortgage Advisor and run through the numbers. We want to make sure the home you selected fits your needs and goals and our lending criteria. We need your Realtor to send us the listing sheet so we have access to the property-‐specific variables. Once we confirm the home fits, we will prepare an updated pre-‐approval letter and send it to your Realtor so you are ready to make an offer. The moment you have an accepted offer your Realtor needs to send your Mortgage Advisor the purchase agreement and all attachments so that your loan process can begin. To facilitate the process we have designed this handy checklist for your Realtor. Please provide this checklist to your Realtor partner.

Date: _________________________ From: _________________________ Buyer: _________________________

Send the Following Prior to Submitting an Offer ‰ Listing sheet

Items Needed for a Complete Purchase Contract

The following items are needed within 24 hours of contract acceptance ‰ Copy of the earnest money check ‰ Initial offer to purchase (the initial 7-page offer) •

The initial Offer to Purchase needs to be signed, dated and time-stamped by the buyer or buyers on page 7

Page 7 also needs to be signed, dated and time stamped by the seller and the proper box needs to be checked to notate if the offer is accepted, countered or rejected

‰ Counter offer(s) •

Needs to be signed, dated and time-stamped by the seller(s) and buyer(s) at the proper places

The proper box needs to be checked by the party that responds to the counter

‰ Lead based paint disclosure •

The seller(s) needs to sign and date the document when the property is listed

The buyer(s) needs to sign and date the document when they make the offer

‰ The seller’s disclosure •

The seller(s) signs and dates the disclosure when they enter into the listing agreement

The buyer(s) signs and dates the disclosure when they make the offer/have an accepted offer

‰ The FHA amendatory clause (in the case of an FHA loan) Lender of Choice Since 1964 www.stonegatemtg.com    

Required to be signed and dated by the buyer(s), seller(s), listing agent and selling agent on or before the date of the initial offer


Stonegate Mortgage Office: 317-570-0450 Fax: 317-570-2150

Who may we thank for your interest in Stonegate Mortgage? _______________________________________

APPLICANT’S INFORMATION Name: _________________________________________

Date of Birth: ________________

Address:_________________________________________________ How long: _____________ Own or Rent City, State, Zip:_________________________________________________ SS#:________________________ Previous Address if less than 2 years at current residence: ___________________________________________________________________________________________ Marital Status:______________________________________ Phone Numbers: (home)__________________________________ (work)______________________________ (cell)_____________________________ Best E-Mail Address:________________________________________ Place of Employment:__________________________________________ Start Date:_____________________ Current Position: _________________________ H.R. Contact/Phone: _________________________________ Gross Monthly Income: $______________ Any Bonus? $____________ Any Commission?$___________ Are you self employed?:______________ If Yes, Type of Company (S-Corp, Corp, etc):________________ If at present job less than 2 years: Previous Employment:____________________________ Dates There:_________________________________

CO-APPLICANT’S INFORMATION Name: __________________________________________________ Date of Birth: ___________________ Address:_________________________________________________ How long: _____________ Own or Rent City, State, Zip:________________________________________________ SS#:__________________________ Previous Address if less than 2 years at current residence: ___________________________________________________________________________________________ Phone Numbers: (home) _____________________ (work)___________________ (cell)___________________ Place of Employment: _________________________________________ Start Date:______________________ Current Position: ____________________________ H.R. Contact/Phone: _____________________________ Gross Monthly Income: $_______________ Any Bonus $____________ Any Commission? $___________ Are you self employed?:_______________ If Yes, Type of Company (S-Corp, Corp, etc):_______________ If at present job less than 2 years: Previous Employment:____________________________ Dates There:_______________________________

FAMILY COMMUNICATION AND INFORMATION Who is the best person to contact regarding this mortgage? (Applicant or Co-Applicant) What is the best place and number for contacting him/her? _____________________________________ May we leave a confidential voice mail message if he/she is not available? ________________________

Any Children or Dependent’s? Name

Date of Birth

1


DEBTS Source (i.e., credit cards, loans, etc.)

Monthly Amount $ $ $ $ $

Child Support?

$___________________ monthly payment

Credit Problems? ___________________________________

Balance $ $ $ $ $

OR

$________________ monthly income

Bankruptcy? When? __________________

ASSETS Type (i.e., bank, property, gift, etc.)

Type of Account

Value

Will it be Used for Closing?

$ $ $

CURRENT HOUSING EXPENSE Part 1:

COMPLETE THIS SECTION IF YOU CURRENTLY RENT YOUR RESIDENCE: Monthly Rent Payment $ _________________________ Landlord Name: _________________________________ Phone Number __________________

COMPLETE THIS SECTION IF YOU CURRENTLY OWN YOUR RESIDENCE: Current Payment Info (monthly): Principal and Interest: _____________ Taxes: ___________ Homeowners Insurance: _________ Mortgage Insurance: _____________________ Flood Insurance: _________________ Mortgage Company Name (1st Mortgage): __________________ Balance: $________________ Mortgage Company Name (2nd Mortgage): __________________ Balance: $________________ Estimated Home Value $_____________ Date of Purchase: _________Original Price: ________ Is your home a condo? _________

NEW LOAN INFORMATION Part 2:

COMPLETE THIS SECTION IF YOU WISH TO REFINANCE YOUR CURRENT HOME: Do you want to escrow your taxes and insurance into the monthly payment? _________________ Do you prefer an adjustable rate mortgage or a fixed-rate loan? ___________________________ Reason(s) for refinancing: _______________________ Requested Loan Amount: $___________ (i.e. lower rate, debt consolidation)

COMPLETE THIS SECTION IF YOU WISH TO PURCHASE A NEW HOME: Estimated NEW Purchase Price $_________________ Anticipated Closing Date: ____________ Down Payment Amount $___________________ Source of Down Payment: ________________ Do you want to escrow your taxes and insurance into the monthly payment? _________________ Do you prefer an adjustable rate mortgage or a fixed-rate loan? ___________________________ Are you purchasing a condo? ________

SALE OF CURRENT HOME (IF APPLICABLE) If applicable, will you be selling your current home prior to the purchase of a new home? Y / N Is your home currently listed for sale? Y / N Do you have an accepted offer? Y / N

2


GENERAL AUTHORIZATION I hereby authorize Stonegate Mortgage Corporation to verify my past and present employment, earnings records, bank accounts, stock holdings and any other asset balances needed to process my mortgage application. I further authorize Stonegate Mortgage to order a mortgage credit report and verify other credit information, including past and present mortgage and landlord references. It is understood that a photocopy of this document shall also serve as an authorization to provide the information requested. The information obtained is only to be used in the processing of my mortgage loan application.

______________________________ Signature of Applicant Date

_____________________ Social Security Number

______________________________ Signature of Co-Applicant Date

______________________ Social Security Number

3



Stonegate Mini Application