When you go to apply for a mortgage, its a good idea to get some of the required documents together. This is a good practice to be organized but all so to make sure you still have all the documents available. With the many life changes that people have, sometimes items get lost. A lot of times those life changes consist of moving form place to place. As very one knows that has moved before items get lost. There is really nothing that can be done. Its just one of those things in life that we can not control. One Item we would need is a W 2. So what happens if you can not find this W 2 because you have moved and now that W 2 could be 1000 miles away somewhere. Well luckily for everyone you can get a copy of your W 2 from the IRS. You will need to call the IRS and have them get you a copy. You can find the number for the IRS at IRS. gov. Their you will need to talk to some one Live on the Phone. So once you received the number form the web site and are speaking to some one live. They will fax it to you. The only catch is you have to be present when they fax it. They will not send it to just any fax number. You have to be located next to the fax machine. This is a security measure and it is required. They will all so mail it to you but that requires some time. And usually the w 2 are required yesterday
There are other documents that will be used in connection with your home loan application. The first category includes documents that you will fill out. These will be provided by the lender. They include the application itself, a document that attests to the fact that you did not borrow your down payment consent to credit check, and perhaps some other miscellaneous documents required by a particular lender. 2 years tax returns ,2 pay stubs,Insurance agent name and number,2 months bank statements
If you can have these items handy this will give you a great head start on the process.
You may all so need a qualification letter if you plan on buying a home. So how does someone get this letter? They need to prove to the mortgage professional that they can qualify for the loan. Some of the items you are going to prove, is your income. They mortgage broker will need to see at least 2 years of documented income. This will usually be your last 2 year W 2 and a pay stub. What they will be looking to do with this information is to figure out what your monthly income is. The will use your year to date income form your pay stub and go back 24 months. One bonus from this is that most people , when figuring their income just use 2 pay stubs. But there are actually 52 weeks in a year. So you actually show a little more than you would if you used just 2 pay stubs. They will use this income to show how much house you can afford. Try not to push it and just get a house that is in your budget.
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