What kind of documentation will I need to provide to the lender for verification?
Every loan is as different as every borrower, so there is no single list of required documents that will apply to all borrowers. However, the following is a general list of documents you should be prepared to provide to any (remember, you should provide copies of these documents, not originals).
Employment and Income Data
- W-2 tax forms for the past two years
- 1099s (if applicable)
- Pay stubs showing current year-to-date earnings within 30 days
- Your employment history and any explanation of a job change within the last two years
- If Self-Employed (defined as owning 25% or more of a business)
- Business and personal federal tax returns (including all schedules) for the past two years
- Current year-to-date profit or loss statement K-1 for all partnerships
- Residence addresses for the past two years
- Properties owned
- Assets
- Bank account statements for the past two months
- Most recent investment account statements
- Most recent retirement account statements
- Signed gift letter and transfer of funds verification
Liabilities
- Credit cards, including account numbers and balances
- Auto loans and leases, including account numbers and value of the car
- Explanation and paperwork for any derogatory credit in the past seven years
- Explanation letter of any derogatory credit, such as bankruptcy, collection, foreclosure or default
- Student and personal loans, including account numbers, monthly payments and balances
- Landlord address(es) for the past two years if necessary
- Property and Real Estate Agent Information
- Name and contact information of your Real Estate Agent
- Homeowner's insurance information
- Rental or lease agreements
How is Mortgage Loans Online different from other lenders and brokers?
Mortgage Loans Online is a direct lender not a broker. When you work with us, it's a direct relationship. We make our own credit decisions, loan our own money, and do not share our customer's personal loan information with any other lenders.
Do I have to document my income?
We offer three income documentation programs: full and stated (where not prohibited by law). Full documentation programs require that you substantiate your income with tax returns, bank statements, pay stubs, and/or other such paperwork. If you choose not to document your income, you can take advantage of our stated income program, which requires no income verification, but you must satisfy other loan requirements. Please speak to your loan advisor to tailor docs needed.
Can I apply for a purchase loan before I've found my property?
Yes, you can become pre-qualified or pre-approved for a maximum loan amount and a loan program. Once you find a specific property, the specifics of the loan can be changed to suit your purchase. Please note that a rate can't be locked in until there is a specific property address.
What is the cost to submit a loan application?
There is no cost to submit a loan application or to be pre-qualified for a loan. You will only incur a cost when you have accepted a loan offer and an appraisal is ordered for your property.