STEP 7
COMPLETE YOUR LOAN APPLICATION
Once you and the seller have both agreed to the terms and conditions of the Purchase & Sales Agreement (P&S) and have both signed it, the P&S becomes a legally binding contract. In that contract you will be given a specific time frame to obtain financing. If you fail to meet the time condition for financing on the P&S, you may forfeit your deposit. If you were pre-qualified before you signed the P&S then you are ahead of the game, but you still have to complete your loan application. The following is a list of items you should bring with you when you apply for your loan:
Social security number of each person applying for the loan.
Copies of your checking and savings account statements for the past six months.
Evidence of any other assets such as 401K account, mutual funds, stocks and bonds.
Your most recent paycheck stub dealing with your earnings.
A list of all credit card account and the approximate balances and monthly amounts owed on each.
A list of account numbers and balances due on outstanding loans, such as car loans, student loans, etc.
Complete copies of your last three years income tax returns, including all W-2 information.
The name and address of your employer and the name and phone number of a person there who can verify your employment and income.
On to Step 8 - Close Your Loan