When applying for a Maine Home Loan, it’s very important to start putting together all of the documents needed to be approved for your loan. Long gone are the days of no doc/limited doc home loans. Borrowers now must provide much more information to prove to your Maine Mortgage Specialist that they do qualify for a new purchase or refinance transaction. Here is a simple checklist of documents you will need when applying for a new Maine Home Loan.
_____Last Two Pay Stubs, Borrower and Co-Borrower
_____Last Two Months Bank Statements (Originals, All Pages, not off the internet)
_____Most Recent Asset Statements (Money Market. 401K, etc Originals, All Pages)
_____Last Two Years W-2s, Both Borrowers
_____A Copy of Your Driver’s License, Borrower and Co-Borrower
_____A Recent Utility Bill(s), Showing Borrower and Co-Borrower on the Bill
_____Last Two Year’s Tax Returns, Federal Returns Only, All Schedules
_____Corporate Tax Returns and K-1s if Applicable
_____Copy of Borrower and Co-Borrower’s Social Security Cards
_____A Recent Mortgage Statement
_____A Recent Tax Bill
_____A Recent Homeowner’s Insurance Bill and Policy Number or
_____The Name, Address and Telephone Number of Your Insurance Company
_____A Copy of the Deed
_____Statements for All Debts Being Paid Off at Closing
_____Listing Sheet
_____Deed
_____Purchase & Sale Agreement
_____Gift Letter
Mortgage lenders require borrowers to provide documentation to verify identity, property information, income and equity/down payment. These documents are known as conditions that the borrower must satisfy in order to receive a full-fledged mortgage approval (up until that point, the mortgage that you are offered is referred to as a “conditional approval”). When you are asked to provide certain documents – such a job letters, purchase contracts or bank statements – it’s important that you provide complete and accurate documents in a timely manner.
