When you apply for your mortgage to purchase a home in the Mobile Metro area including Daphne, Spanish Fort or Fairhope, you’ll need to provide these documents:
Recent pay stubs.
Most lenders ask that all wage earners that will be on the mortgage submit two or three of their most recent pay stubs.
Last two years W-2′s.
If you can not find these contact your employer for a replacement.
Last two years tax returns.
You should have these in your personal records. If not contact the IRS for the proper forms, probably a 4506 or 4506-T.
Credit Authorization and Release.
A form you complete that gives your mortgage company the go-ahead to obtain information about your credit history, employment history, and other related information.
Pre-Approval Certificate.
This specifies what size loan you have been approved for, before you choose a house.
Good Faith Estimate.
This document will list all settlement charges you are expected to pay at closing. The law requires that this document be given to you with in three days of applying for a loan.
Truth in Lending Disclosure.
This document list loan information required by Federal Law, including credit terms and conditions, annual percentage rate, and other mortgage financing charges. You will receive this document within three days of applying for a loan.
Rate Lock Agreement.
Protects you against a rise in interest rates between the time you lock in your loan rate and the time the loan closes.
Appraisal.
A written estimate of a homes current market value. It is completed by a licensed appraiser. You will receive it during the loan process or at closing.
Flood Certification.
States whether a home is or is not located in a Flood Hazard Area. It is used to determine if you must purchase flood insurance under the National Flood Insurance Program if your property is in a recognized flood zone.
Hazard/Homeowners Insurance.
Insurance you must purchase to protect your property against fire and other hazards.
Deed of Trust.
Agreement to pledge property as security for a loan, used in many states in place of a mortgage. In such an arrangement, the borrower transfers legal title to a trustee (often title company or bank) who holds the property in trust as security for the repayment of the debt.
