A home is more than just a roof over your head – it’s where life happens. Getting into your dream home is a huge milestone in your life, but it doesn’t have to be challenging. At Equity Bank, we strive to make the entire mortgage process as simple and efficient as possible. That’s why we have created a Mortgage Checklist to help you before meeting with one of our helpful lending specialists. These materials are not required to become prequalified, but they will help expedite the process. With the proper paperwork in hand, the hardest decision you’ll have to make is choosing between the house with the view and the cottage with the picket fence.
One form of government-issued ID, such as a driver’s license or passport, will need to be readily available during the application process, though it is not required when submitting your initial application.
Residential & Employment History
Your lending specialist will need information related to your recent residential history. Before coming in for your appointment, list out the addresses that you have resided for the past two (2) years, including landlord contact information when applicable. Additionally, list out the jobs you’ve held for the past two years, including company name, address, phone number, employment start/end date, and your salary.
Personal Debt & Asset Statements
It is important for any bank to ensure the money loaned will be paid back in full over time. The formula used to assist in this assessment is called your debt-to-income ratio. In order to do this, your lending specialist will need to conduct a review of your current debts and assets. You can assist by compiling a complete list of your debts, including student loans, car loans, credit cards, along with their balances and minimum monthly payments.
Bring in personal bank statements from both checking and savings accounts from the last two months, as well as all other investment or retirement accounts (CD’s, 401k’s, stocks, etc) that you may plan to use funds from for down payment and/or closing costs. It is important that all pages from each account statement are provided, even those that are intentionally left blank. These documents give your lending specialist the detail needed to verify your funds to close. You may be asked to provide further documentation explaining any large deposits or withdrawals.
Employment & Income Verification
Equity Bank will need to verify the employment status of all individuals applying for the mortgage, as well as verify the household income is steady. To expedite this process, bring pay stubs from the last 30 days, as well as the last two year’s of W-2 or 1099 forms, as well as your full tax return from the previous year. These documents will allow the loan underwriter to compare your W-2s to your tax return and verify the income you’ve submitted.
Lastly, make sure to bring in the home purchase contract signed by you and the selling party. The contract will tell the bank that a price has been agreed upon and the contract is ready to move forward, pending mortgage approval.
The Official Bank of Homeowners
We get it. Buying a home is a big deal. As the Official Bank of Homeowners, we’ll be right there with you every step of the way. Using our Mortgage Checklist before meeting with your Equity Bank lending specialist will speed up your loan application process, and we know that’s important to you. That makes it important to us.
Your Home Sweet Home is waiting for you – go make memories.