What to Expect During the Process
Mortgage Checklist:
The following information is usually required at time of application and for the loan process.
- Borrower and Co-Borrower Social Security Number
- Current pay stubs or, if self-employed, your tax returns for the past two years
- Bank statements for the past two months
- Investment account statements for the past two months
- Retirement account statements for the past two months
- Make and model of vehicles you own and approximate value
- Title for cars less than three years old that you own free and clear
- Credit card account information
- Auto loan account information
- Personal loan account information
If you currently own Real Estate:
- Mortgage account information
- Home insurance policy information
- Home equity account information (if applicable)
Prior to closing:
- DO
- Alert us of any changes in your salary or compensation from what you originally disclosed.
- Acquire homeowner’s insurance with minimum coverage equal to the amount of your total loan or replacement value of your house.
- Inform us of any large deposits or transfer of funds; we will need a complete and thorough documentation including copies of all checks or forms to liquidate assets and any other records to document such transaction within sixty days of the contract signing date or settlement.
- Bring a cashier’s check made payable to the settlement agent (title company or attorney) for the amount of your closing costs.
- DO NOT
- Acquire any additional lines of credit or make any large purchases on existing credit without first consulting a WestStar loan officer. Such things as buying appliances or furniture for your new home prior to closing will negatively impact your qualifications and change your debt-to- income ratios.
- Change jobs without consulting your WestStar Mortgage, Inc. loan officer. Lenders verify your employment on the day of closing.
- Co-sign a loan for anyone. This payment will show up on your credit report.
- Negotiate your contract with an allowance and expect to get money back at closing. The only useful purpose for an allowance is to pay your closing costs and/or prepaids.
