When you use a debt consolidation loan, you will have lower interest rates and your monthly payment will be made every month, your debt will be paid off in much less time than you could pay it off on your own.
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What You'll Need To Apply For A Mortgage
To Verify Income
- W2 forms - last two years
- Paystubs - past 30 days
- Federal tax returns - past 2 years IF:
- You are self-employed
- More than 25% of your income comes from commissions or bonuses
- Own rental property
- You are employed in a career in which you might take non-reimbursed business expenses
- If self employed, year-to-Date Profit and Loss Statement
- If applicable, Corporate or Partnership tax returns
- If retired, Pension Award letter
- If recieving Social Security, Award letters
To Verify Assets
- Bank statements, all accounts - past two months
- Other investment statements - past two months
- Copy of last retirement fund statement
- Written explanation of any large deposits
- Gift letter if cash was accepted from family (may also require other proofs)
Credit Information
- Landlord’s name, address, and phone number
- Written explanation of any questionable items appearing on your credit report.
- Copy of bankruptcy papers if you have filed bankruptcy within the last seven years
Other Information
- Copy of purchase agreement (If offer has already been made)
- Copy of Divorce Settlement (If applicable)
- Proof of Child Support income (If applicable)
If applying for government backed loans, you will also need the following:
FHA Loans
- Copy of Social Security Card
- Copy of Driver’s license
VA Loans
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