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Lender’s Needs

What Your Lender Will Need From You

How much do you need to borrow? Regardless of the amount of your mortgage, expect to be asked that question and many more.

One way to think about a Lender is that they’re basically making an investment in you. For their investment to pay off, they need to ensure that they’re lending to someone that can pay the loan’s principal and interest every month, for years to come. To help ensure their investment is sound, they’ll ask for a fair amount of information about you and your finances.

It is best to have an idea what your lender will be asking, and be sure to bring along any necessary supporting documents when you talk to him or her. Here is a mortgage loan checklist for you to use as a reference for compiling the information and documents your lender will undoubtedly ask for. Many of these will be on your lender’s list.

Mortgage Loan Checklist
Lenders will usually ask for this information at minimum, and frequently more, for every person that signs the loan.

  • Amount of money you want to borrow
  • The length of the loan
  • Current and often previous addresses, depending upon length of residence at current home.
  • Social Security Numbers
  • Current and often former Employer contact information, depending upon length of current employment..
  • Gross monthly income
  • All bank account numbers and their approximate balances
  • Your assets (real estate, personal property, paid-up life insurance, etc.)
  • A complete list of debts (include account numbers)
  • A copy of the purchase agreement for your new home
  • A written account of any problems that may concern your loan application, such as explanation of bankruptcy, late payments, etc.

After you Apply for a Mortgage
Once you’ve begun the application process, you can expect your lender to:

  • Verify the facts of your application
  • Obtain a credit report
  • Make a property appraisal
  • Review all the details of your loan application
  • Make a determination on your loan

Don’t forget, many of our offices have in-house mortgage consultants. Talk to your us to discuss all of your options.
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The Local Realty

The Local Realty is the leading International Lifestyle Real Estate Brokerage specializing in Local Real Estate Services. All of our Real Estate Associates specialize in a specific Community or Property type in order to provide the highest level of service and Local Real Estate Market expertise to our clientele.

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