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Below are two checklists- One is for refinances and One is for Purchases

REFINANCES:

Please gather and send in these items as soon as possible. If you are overnighting, please don’t staple and no double-sided copies.

1. 30 Days most recent consecutive pay stubs for current employer(s). If you are relocating, and have not yet received 30 days earnings, provide a copy of your offer letter signed by you and your new employer.

2. 2015 and 2014 W-2’s. If you had multiple employers in the previous years, please provide all W-2’s for those years.

3. Most recent 2 consecutive months of All pages of your most recent asset (bank) statements for checking, savings, and retirement accounts showing sufficient liquid assets to close this loan, plus an additional 2 months housing payment in reserve. Please note we need all pages and NOT just the front page or summary page. If you are showing retirement funds as assets used to close on this loan, please provide the terms of liquidation from your benefits provider. All asset statements must list your name, address, institution name, account number and type, and include a minimum 30 day transaction history. Internet statements that do NOT list this information will not be acceptable.

4. 2 years Tax returns will be required ONLY if you meet any of the following:

a. You are self-employed (your income is listed on Schedule C or E)

b. You receive significant bonus or commission income

c. You are retired taking IRA distributions, pension, or annuity

d. You own an investment property

Note: If 2015 returns are not completed, please provide 2014 with extension notice if after April 15th

5. Copy of your homeowner’s insurance declarations page. Also, if your home is a condo, we’ll need the name and phone number of the association

6. Copy of your current mortgage statement(s)

7. Copy of your driver’s license(s) to satisfy Patriot Act requirements.

8. If you are not a US citizen, please also provide a copy of your permanent resident alien card or a copy of the VISA used to enter the country if you are not a permanent resident alien.

If you own investment properties or a second home please provide the following:

a. Please provide a copy of the current leases (all pages) if applicable

b. Copy of mortgage statement on all properties if you escrow for taxes and insurance. If you do not escrow, provide the most recent tax and hazard bills for each property.

Below are some tips and pointers to keep in mind. These are items that are often forgotten from our checklist or the application itself. Some of these may not apply to you. Please review and call or email with questions:

1. Any and all large deposits into your bank accounts will need to be ‘sourced’ meaning shown via a paper-trail where the money came from

2. This is the same for large transfers from one account to another.

3. You must show a two year employment history on your loan application along with a two year residence history. If you were in college prior to your new job, we’ll need copies of your college transcripts.

PURCHASES:

 

1. 30 Days most recent consecutive pay stubs for current employer(s). If you are relocating, and have not yet received 30 days earnings, provide a copy of your offer letter signed by you and your new employer.

2. 2015 and 2014 W-2’s. If you had multiple employers in the previous years, please provide all W-2’s for those years.

3. 2 consecutive months of All pages of your most recent asset (bank) statements for checking, savings, and retirement accounts showing sufficient liquid assets to close this loan, plus an additional 2 months housing payment in reserve. Please note we need all pages and NOT just the front page or summary page. If you are showing retirement funds as assets used to close on this loan, please provide the terms of liquidation from your benefits provider. All asset statements must list your name, address, institution name, account number and type, and include a minimum 30 day transaction history. Internet statements that do NOT list this information will not be acceptable.

4. Name of insurance agent for new hazard aka homeowners insurance policy or contact at homeowners association if you are purchasing a condominium.

5. Copy of all pages of the fully executed Agreement of Sale for the property you are buying signed by ALL parties. If you are selling your current residence, please provide that contract as well.

6. Copy of your driver’s license(s) to satisfy Patriot Act requirements.

7. If you are not a US citizen, please also provide a copy of your permanent resident alien card or a copy of the VISA used to enter the country if you are not a permanent resident alien.

8. 2 years Tax returns will be required ONLY if you meet any of the following:

a. You are self-employed (your income is listed on Schedule C or E)

b. You receive significant bonus or commission income

c. You are retired taking IRA distributions, pension, or annuity

d. You own an investment property

Note: If 2015 returns are not completed, please provide 2014 with extension notice if after April 15th

9. If you are using a home equity line of credit attached to a retained property to purchase the subject property, please provide a copy of the Home Equity Line Agreement.

If you own investment properties or a second home please provide the following:

a. Please provide a copy of the current leases – if applicable

b. Copy of mortgage statement on all properties if you escrow for taxes and insurance. If you do not escrow, provide the most recent tax and hazard bills for each property.

Below are some tips and pointers to keep in mind and address now if they are applicable.

These are items that are often forgotten from our checklist or the application itself. Some of these may not apply to you. Please review and call or email with questions:

1. Any and all large deposits into your bank accounts will need to be ‘sourced’ meaning shown via a paper-trail where the money came from

2. This is the same for large transfers from one account to another.

3. If there is gift money involved we need you to tell us so that we can prepare a gift letter. We will need a copy of the donor’s bank statement, a copy of the gift check and copy of the deposit slip showing the money going into your account.

4. If you are currently renting, we need the name of your landlord as well as their phone and fax or email address so that we can verify rent history

5. Your loan application must show a two year employment history along with a two year residence history. If you were in college prior to your new job, we’ll need copies of your college transcripts.

6. If a down payment check was given, we need evidence that it was cashed. (once it is cashed) Please provide a copy of the front of the check and the corresponding bank statement showing that it cleared. This is also the case for any subsequent deposits.