Questions to Expect from your Lender

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The first step of the mortgage process is submitting an application to your lender, or in our case, broker of choice. Loan Pronto’s application is online, quick, and easy to navigate through. All applications will vary but they all ask for the same information such as birthday, social security number, job history, etc. so be ready to have all that information on hand going into the application! 

Here’s a more in-depth breakdown of what you’ll need:

Loan Type and Property

  • Are you looking to Purchase or Refinance?
  • If Refinance – Are you looking to get Cash Out or just do a Rate Term Refinance?
  • What is the address of the property? Is it Primary or Investment?
    • Ex) 123 Main Street Nashville, TN 30711 – Investment Property

Employment Information

  • Employers name, address, contact information
    • Ex) University of Cincinnati
    • 3600 Clifton Avenue, Cincinnati, OH 45221
    • (513) 556-600
  • Job Title
    • Professor
  • Years/Months at job
  • Income 

 

Liabilities

  • What recurring debts do you have?
  • Your credit report will display any credit cards, auto loans, student loans, etc. 

Assets and Cash on Hand

  • How much money do you have in your bank account?
    • If you use State Employees Credit Union in Raleigh, NC you would just need to show those assets in the form of a bank statement!
  • How much money have you invested in 401k, mutual funds, bonds, etc.

Down Payment

  • How much money do you have for a down payment?
  • Where will your down payment come from? Important – There needs to be a clear paper trail for this money. So, if you are receiving the money from your grandma in Norfolk, VA as a gift you’ll need a certified gift letter (link to other blog)

Documents you will need to submit to your Lender:

  • Previous Year W2
  • Paystubs
  • Tax Returns
  • Bank Statements
  • Driver’s License
  • Homeowners Insurance
  • Purchase Contract – If Purchasing 

Your Mortgage

To calculate your monthly payment, click here for our simple mortgage calculators. 

To get started with the mortgage loan process, get a free rate quote, or fill out our online loan application to get pre-approved!

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