Shark River Inlet

Shark River Inlet, Belmar, New Jersey

Navigating the Waters in the Mortgage Application Process may at first seem like a daunting task.

Not so, with a little organization, and a competent mortgage representative at the helm. The following checklist will help you to ascertain that it is “smooth sailing” through the mortgage application process.

Mortgage Application Checklist:

For a Fully Documented Mortgage Loan … The following documents and information are needed, including data about both the borrower and co-borrower. During the processing of the application, additional information or verification may be requested.

  • Copy of Sales Contract – if a purchase.
  • Personal Data – Social Security Numbers, Home and Work Phone Numbers.
  • Residence History – Most recent two years’ addresses needed.
  • Assets – Need name, address, account numbers, balances and copies of last two statements for all bank accounts. Last statement for IRA’s, 401K’s, Annuities, Money Market Funds, Brokerage Accounts, etc. List of Cars, Boats and other high value assets such as CD’s, Real Estate owned, etc.
  • Debts – Need name, address, account numbers, balances and amount of monthly payments on all auto loans, notes to banks, finance companies, credit unions, retail stores, and mortgages.
  • Other Obligations – Child Support / Alimony – need copy of divorce decree.
  • Employment History – Past two years of employment history needed with complete names and addresses of employers. Need most recent paycheck stub and past two years W-2 forms. Commission and/or Bonus Income – if more than 25% of total income is derived from commission or bonuses – need past two years signed complete federal income tax returns.
  • Self Employed – owning 25% or more of a corporation, S Corporation, or Partnership need 2 years personal and business tax returns plus year-to-date statement and balance sheet for each business or partnership.
  • Other Income – Provide documentation for Alimony /Child Support, Social Security, Disability, Interest, Pensions, Dividends, Annuities, etc.
  • Legal Documents – Copy of Deed if a refinance. Bankruptcy – need copy of discharge and schedule of debts and assets.
  • Veterans Only – Certificate of Eligibility or DD224 (discharge papers).
  • FHA Loan – Please bring your Social Security card.
  • Application Fee -A personal check made payable to the lending institution.

Most importantly we, at James J. Pentz, Realtors are here to assist you every step of the way. We keep the lines of communication open with the lending institutions, and we feel that Follow-up is critical in ensuring that a mortgage commitment is received in writing expeditiously, and you are one step closer to closing!