Mortgage Tips

When buying a new home, it’s very important that you start the mortgage application process as soon as possible, and formally apply for the mortgage. Cimarron Homes requires a pre-qualification letter from each lender before starting construction, so any delays in applying for a mortgage could also delay the start of your home.

Every lender will differ slightly with regard to which documents and forms they require. Similarly, your individual situation may add or delete requirements from the mix. To help you get organized, the following is a list Of documents or information that most lenders will need to process your Application. (Please keep in mind that if there is more than one applicant, you will need to provide the information for each person)

1. Photocopies of last two consecutive months’ complete statements on all asset accounts, including banks or other financial institutions, stock accounts, retirement accounts, pensions, 401 (k) accounts, etc.
2. Photocopies of consecutive current pay stubs covering the most recent 30 – day pay period for all borrowers.
3. Bring photocopies of W-2’s and 1099’s from the past two years.
4. Evidence of any other income you wish to be considered, such as social security, retirement, note income, alimony and /or child support, or rental income.
5. If you are self-employed, or a partner in business, bring along the past two years tax returns and year to date profit and loss statement and balance sheet.
6. History of residence for the past seven years, including previous and present mortgage and /or landlord’s name and address.
7. Information on any other real estate owned by either applicant.
8. Lease agreement for any rental property you own.
9. Current balances, monthly payments and lender addresses for all revolving debts (credit cards, car payments, student loans, etc.)
10. Payment for credit report and appraisal.
11. If divorced, copy of complete divorce decree or separation agreement.
12. If applicable, proof of Social Security income with a copy of the Award letter. Also,a copy of a recent check or a copy of the bank statement showing direct deposit.
13. If retired, proof of your retirement/pension income, with a copy of the benefits letter, copy of check, tax returns and/or W-2 forms.
14. If applicable, most recent copy of employer’s 401 (k) or IRA statement.
15. If applicable, complete copies of bankruptcy and discharge papers.