At Shoreline Mortgage, we take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application.
Gone are the days when it was necessary to verify every piece of data collected during the application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In many cases, a single W-2 or paystub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan
Below you will find the more traditional list of documents typically needed to complete a loan application. Preparing early and having these documents together will enable your loan to get approved as quickly as possible.
You will note that legible copies will suffice... originals are not required
All Loans:
§ Copies of previous two years W-2 forms for all jobs
§ Copy of the two most recent pay stubs
§ Executed sales contract signed by Buyers and Sellers (if this is a purchase)
§ Name, address, and telephone number of all employers for past 24 months
§ Copies of your last three months bank statements including checking, savings account(s), money market etc.
§ The most recent statement for any Stocks, Bonds, Mutual Funds, IRAs, Thrift Savings Plans (TSP), Retirement Accounts etc.
§ If you are currently renting, provide either the name and address of your landlord(s) covering the past 24 months or 12 months of canceled rent checks
If you are self-employed or paid by commission:
§ Previous two years Federal Income tax returns with all schedules
§ Previous two years Business tax returns complete with all schedules (for self employed) § Year-to-date profit and loss statement. (for self employed). This may be unaudited
If you have filed bankruptcy in the last seven years:
§ Copy of the bankruptcy papers including all schedules and the "Discharge of Bankruptcy".
§ A list of any credit obtained since the bankruptcy
If you own other properties:
§ Address of the properties and current market value.
§ Any debt owed on properties, Lender's name, address, account number, monthly payment, and current balance.
§ If rented, a copy of the current lease(s).
If you will be using Child Support/Alimony income to qualify or are obligated to pay Alimony or Child Support:
§ Copy of the Divorce Decree and Property Settlement
If you are refinancing:
§ Copy of the Warranty Deed to your property
§ Copy of your Title Insurance Policy
§ Contact name and telephone number of your Homeowners and Flood Insurance Agent
§ Copy of Your Survey
For 2nd Mortgages/Home Equity Loans:
§ Copy of your 1st mortgage and note
§ Copy of the Deed to your Property (note: NOT the "Deed of Trust")
§ Copy of your Homeowners & Flood Insurance policys - (coverage page(s) only)
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