Once you have selected the type of loan you prefer and qualify for, the lender will ask you to complete a loan application, which will require a great deal of personal and financial information, including the following:
1) Your residence history • Your previous addresses for the past two years • The length of time you’ve lived at each address • If you currently rent, your landlord’s name and addresses (for past 12 months)
2) Your employment history • The names and addresses of all your employers for the past two years • The dates you worked at each place of employment • If there have been any gaps in your employment, explain why
3) All outstanding loans and credit cards • The creditor’s name(s) and address(es) • Your account number(s) • The current total balance you owe and the months left to pay • The amount of the monthly payment
4) Savings, checking or investment accounts • The names and addresses for each financial institution • Your account numbers • The current balance or value
5) Real estate you currently own • The property address(es) • The estimated market value • The outstanding loan balance • The amount of your monthly payment (including taxes, insurance, homeowner’s association dues) • The amount of your rental income (if applicable)
6) Personal property you own • The net cash value of your life insurance • The make, year and value of your automobile(s) • The value of your furniture, jewelry and other personal property
7) Tax records • Some lenders may require copies of your tax records from the previous two years
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