Buyer's Guide
Lansing Area Real Estate
REAL ESTATE
 
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What to take to the mortgage interview

At the time you apply for a mortgage, the loan consultant will want to discuss your employment record, your financial assets, your debts, and your credit history. You should get all this financial information in order before you begin shopping for the loan.  The lender will be unable to give you a definitive answer without it, so you’ll save a lot of time by being prepared.

  • Paycheck stub
    A recent paycheck stub that shows your name and Social Security number, the name and address of your employer and your year-to-date earnings.
  • Receipts for rent or mortgage payments 
    Cancelled checks or receipts that show you have a history of making rent payments. If you have a mortgage loan, you’ll need your account number.
  • Bank Statements
    Some lenders may ask for copies of your bank statements. Ideally, they'd like to see a steady history of deposits and that you're not bouncing checks every month.
  • Tax Records
    Have copies of your tax returns for the past two years.
  • Dividends & Investments
    Lenders will usually consider long-term investment dividends, as well as your investment portfolio, when evaluating your income.
  • Alimony/Child Support
    You can include steady payments for child support as part of your gross income. The lender will want to see a copy of your divorce settlement verifying the amount of the payments.
  • Credit Report
    Every lender will want to see a copy of your credit report as part of the loan application process. This report lists all of your long-term debts, as well as your payment history. You will be required to pay for the credit report (less than $50), but if you have a recent copy, they may accept that instead.

Processors in the mortgage company will organize your paperwork and verify your employment status, bank balances and credit information. An underwriter reviews all the information in your loan file to determine if the application meets lending guidelines. At this point the loan is either approved or denied.

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