The information you may need to provide at the time of your mortgage loan application is listed here.  You and your spouse (or other co-borrower(s)) will be required to provide all necessary information, during the mortgage loan application, as it applies to you.

Home Purchase Contract and Property Information

Because the property is security for the mortgage loan, we will have an appraisal made of the property, and you will need to have the following information available:

  • A complete copy of the sales contract, including any addendums, signed by all parties, showing the full names of the sellers and buyers as they will appear on the new deed, the amount of earnest money deposit and who is responsible for closing costs, origination fees, ect.
  • The complete mailing address of the property, its age, and full legal description
  • If the house is to be built, or is still under construction, a set of plans and specifications
  • Name, address, and telephone number of the real estate agent and/or the seller of the property who will assist the appraiser in obtaining access to the property
  • Evidence of septic pumping and county certification (FHA and VA loans only)
  • Copy of current well test and county certification (FHA and VA loans only)

Personal Information

We will need to obtain this information from you and any co-borrowers.Poli-Massachusetts-Mortgage-Lender-164x200

  • Social Security Number
  • Age
  • Years of Schooling
  • Marital Status
  • Number and age of dependents
  • Current address and telephone number
  • Address for past two years (if more than one)
  • Current housing expenses (rent, mortgage, insurance and taxes)
  • Name and address of landlord/mortgage holder (past two years only)

Note: If you have lived at your current address less than two (2) years, you will need to furnish former address(es).

Employment History And Income

Your ability to make the monthly payments on the mortgage and to afford the costs associated with owning a home are primary considerations in our loan approval process and should be your primary concern.  Some of the information you will need to provide includes:

  • Two years of employment history, with employer’s name and address, your job title or position, length of time at the job, salary, bonuses, commissions, and average overtime pay
  • 30 Days of recent, consecutive pay stubs and W-2 forms for the prior (2) years (and possibly full federal tax returns)
  • If self employed, complete personal and corporate tax returns with current profit and loss statement
  • Records of dividends and interest received from investments
  • Proof of other income (award letters for social security, retirement, pension or military retirement)
  • If you are self-employed, full tax returns and financial statements for two (2) years, plus a profit-and-loss statement for the current year to date

We will have you sign a general credit authorization, which will be sent to your employer to verify your employment and earnings if we are unable to verify employment over the phone.

If you are relying on income from other sources, such as rental property, Social Security, disability payments, child support, ect., you must provide adequate proof of the source.  Appropriate documents could include cancelled checks, copies of leases, federal tax returns, certification of benefits, divorce decrees, and similar evidence.

Current Assets

  • All bank accounts, both checking and savings, and money market accounts with the name and address of the institution(s), name(s), on the accounts, account numbers, and current account balances
  • Current statements from the past two (2) months for bank and money market accounts
  • Current statements for stocks, bonds, mutual funds, CD’s, and other investments
  • Vested interest in retirement funds and investments
  • Face amount and cash value of insurance policies in force
  • Make, model, year, and value of automobiles owned
  • Information on any real estate you own
  • Value of any significant personal property you own
  • A written explanation if there are gaps in your employment record due to circumstances such as illness or layoff, or for any other reason

We will look for the source of funds with which you will make the down payment and pay closing costs and fees. Any recent large deposits will have to be explained.  Gifts from a relative, church, employer, municipality, or non-profit organization may sometimes be used, but must be verified in writing.  In some cases, the donor must be a relative and must provide a letter stating the donor’s relationship to you, the amount of the gift, and the fact that no repayment is expected.  Reciept of the gift funds must also be verified.

Current Liabilities And Indebtedness

The information you provide on the loan application will later be verified by a credit report ordered by us.  Like employment and deposit verification, differences between your figures and those on the credit report might raise questions and may delay the approval of your loan.  It is to your advantage to take the time to get your data right prior to filling out the loan application.

  • Itemized list of all current debts: loans, credit cards, child support payments, and any other bills or obligations, including current balances and monthly payments
  • Written explanation of any past credit problems
  • Full details of bankruptcy during the last 7 years, if applicable

If you have had credit problems, you should inform us promptly.  We recognize that unemployment, illness, marital problems, or other financial difficulties can temporarily impair your credit rating.  Provide a written explanation of the circumstances regarding the problem to be included with the loan application.  We will consider such written explanations as part of the underwriting analysis.  Chronic late payments, judgements, or loan defaults, however, severely damage your credit standing and may prevent you from obtaining the financing you need.

Additional Items Needed

  • Copy of divorce decree, which should include property settlement statement and order of child support
  • Complete bankruptcy papers, discharge notice and any other supporting documentation (if bankruptcy occurred in last 7 years)
  • Original certificate of eligibility (VA loans only)
  • Copy of DD214 or Statement of Service (VA loans only)

Mortgage Loan Fees

  • $500.00 Application deposit, refundable at closing
  • Appraisal fee is paid up front only for Pennsylvania mortgage loans
  • No $500 application deposit for Pennsylvania mortgage loans

Additional Mortgage Information

Mortgage Calculators

First Time Home Buyer Programs

The Mortgage Application Process

Steps to Buying a Home

Glossary Of Terms

About Interest Rates

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