what should i bring with me when i go for a pre arrroval at the mortgage company tommorrow?

Question

i have paid off old debts and have my receipts

Answer 1

Bring:

your bank statements for 1 year
your w-2 and 3 years tax forms (1040)
any credit card bills that you have, whether paid off or not.
Any other assets and debts you have, car loan, boat loan.

Answer 2

Get a copy of your most recent credit report now your CR or you might found surprises. They usually look a the 3 main ones and chooses the middle one. Now your credit score before hand and know any ghost in the closet. Get evidence of your payment of old debts, Something from your creditors that says your account had been paid in full or in settlement. If you have any ghost in the closet Old debt unpaid or collections get in touch with creditor and negotiate the old amounts get some sort of agreement to pay them. Ususally takes 30 to 90 days for credit agencies to investigate and clear up ghost in the closet(wrong information on your credit report). Make sure the payment of the loan you are requesting dont exceed more that 45% of your total monthly income when together with your other debt monthly payments. Make sure you can include other liquid assets in your Mortgage application. Now a days you can do aplications on the phone. Compare interest rate and closing costs. Your score will determine your rate. Good luck

Answer 3

It's best to break down what a mortgage company looks at to decide the risk of lending you money.

I go over this type of info at my blog: http://explaintome.blogspot.com

They'll want to prove you make what you say you do. Your tax returns or W2 form from last year will do that. They'll want to see you're on track to make the same or more, that's why they want paystubs for one to two months.

Assets always help an approval by lowering the risk that you won't be able to make a payment. If you have a 401k or IRA or other investments, bring them. Definately bring your checking account statement and possibly your savings.

If you are a first time home buyer, they will probably use your landlord as a good credit reference. Write his name and phone number on an index card or something for them.

Do the same with your insurance agent's info if you want to use them for your homeowner's policy.

Same with your Realtor and attorney if you have one. Bring info about the home you're buying if you already found one.

To satisfy the Patriot Act, bring two forms of ID. Preferably your drivers license and Birth Certificate. One form is used in some cases but if you've got two, bring em'.

Don't worry about pulling your own credit because they will have to do it for you. You've got the right idea about bringing any "Paid in full" letters that you have from your creditors in case the info in your report is incorrect.

Make sure you schedule for lots of time because there is a lot of paperwork and you should ask lots of questions.

Best of Luck!

Answer 4

Bring your last three months bank statements, last two months pay stubs, most recent credit card statements, statements for any other debt (such as car loans and student loans) and your latest tax return.

Also, it's a good idea to have a copy of your credit reports from the three major credit reporting agencies. They will probably want to run their own credit check, but they may be willing to accept your copies.

Remember, they want to know four things; income, assets, credit-worthiness, and debt.

Answer 5

They didnt tell you what to bring? hmmmm well I can tell you it won't be a laxative you best look at what the government and other experts say you should take into consideration before deciding on what loan you should take:
Real Estate Settlement Procedures Act (RESPA) [about closing costs & settlement procedures]: http://www.hud.gov/offices/hsg/sfh/res/respa_hm.cfm
Treasury Department: Real Estate transaction Compliance with the Patriot’s Act (Article):
http://www.ustreas.gov/offices/enforcement/ofac/articles/altaorg.pdf#search=%22Foreign%20Countries%20Real%20Estate%20information%22
Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
Mortgage Calculators – Includes finding if you will qualify for a mortgage:
http://www.mortgage-x.com/calculators/Pre-Qualifier.htm
Once per year free credit report from all three Credit reporting agencies:
http://www.annualcreditreport.com/cra/index.jsp
Calculator to compute an estimate of the total cost of closing: http://www.myfico.com/LoanCenter/Mortgage/Calculators/ClosingCosts.aspx
Mortgage law an Overview: http://www.law.cornell.edu/wex/index.php/Mortgage
Uniform Residential Loan Application: http://www.efanniemae.com/sf/formsdocs/forms/pdf/sellingtrans/1003.pdf#search=%22Uniform%20Residential%20Loan%20Application%22
Realtors Association: http://www.realtor.org/
American Bar Association: http://www.abanet.org/about/
American Bankers Association: http://www.aba.com/Consumer+Connection/default.htm
Just to mention a few. If I knew your state I'd really load you up.
Anyway bring your drivers license, three years of income tax returns, proof of income such as check stubs from work and bank statements or financial statements supporting the income and assets provided for in the original application. lol
Buena Suerte

Answer 6

1. last 2 year tax returns and 30 days history of pay stabs feflecting year-to-date income.
2. 3 last months savings,checking, and/or stock brokerage account statements or passbooks to verify down payment and closing costs.
3. address, phone nr. for your work
4. the past 12 months cancelled checks for present mortgage or rent and installment debt payments.

Answer 7

Bring last 2 years' tax forms and bring one month's pay stubs....along with the receipts you mentioned.