Since the financial crisis of 2008, there are over 400 new regulations that impact mortgages. But don’t worry; we are here to help navigate these for you. These new checks and balances are necessary to protect you and to process and approve your loan. We are experts in this area, reviewing your full individual financial situation, so we can issue you a clean loan approval. The four categories we consider when approving your loan include: income, assets, collateral and credit.
Employment Income Verification:
To verify your employment income, we will need your last 2 years of W-2 statements and a full 30 days of paystub statements.
To verify your assets, we will need at least 3 months of checking, savings, investment and, if applicable, retirement statements, such as IRA’s or quarterly 401k statements.
Along with your income and assets verification, we will need these documents and information regarding your new home purchase.
Your credit score is one of the main elements of information we will use to evaluate your application.