Mortgage application checklist

  • Copy of your Purchase & Sale Agreement.
  • Your present mortgage information.
  • Two year history of employment and verification of all income sources.
  • If self-employed, copies of past two years Federal Income Tax Returns.
  • Information about your checking, savings and credit card accounts.
  • Name, account number and outstanding balance of each of your debts.
  • Application deposits.
  • Information about any assets.
  • Information regarding any other assets that will be used as funds to close.
  • If FHA - Copy of Social Security card and photo ID.
  • If VA - Certificate of Eligibility or DD214.
  • If Employee Relocation Client - include relocation information and copy of offer, promissory note and copy of check on bridge loan.

Questions for your lender

  • Are both fixed-rate and adjustable mortgage loans available
  • What is the interest rate?
  • How long can I "lock-in" the financing at the current interest rate?
  • Is a float down lock available in case rates drop after I have locked in?
  • What are the other fees a lender may charge me in conjunction with my loan?
  • Are funds for a second mortgage available?
  • On adjustable loans:
  • How often will the interest rate be adjusted?
  • Is there a maximum limit on each rate change?
  • How often will the monthly payment be adjusted?
  • Is there a ceiling on payment adjustments?
  • Can the term of the loan be extended?
  • What is the maximum rate that can be charged over the life of the loan?
  • Is there any potential for negative amortization?
  • Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.
  • What is the "grace" period? How late can a monthly payment be made before a late charge is assessed? What will happen if a payment is missed?
  • If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?
  • Do you have to pay "points" to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.
  • Will the lender require mortgage insurance?
  • Is the loan serviced locally or is the servicing sold?
  • Ask for a written "good faith deposit".