6. Preparing For The Mortgage Loan Application Process

You may want to consider planning and preparing for the mortgage loan application process ahead of time. This will help your loan officer to expedite the approval process and get the loan to closing more quickly.

In most cases, each applicant will need to provide your mortgage loan officer with the following forms of documentation:

• W-2's for the past 2 years
  
  
• Last month's pay stub
  
  
• Last 2 months bank statements (savings, checking, c.d.,…)
  
  
• Last quarterly statement for 401K account, investment account, pension plan,…
  
  
• Fully executed contract of sale (for purchase only)
  
  
• Deed, survey and certificate of occupancy (refinance only)
  
  
• Last mortgage statement (refinance only)
  
  
• Declaration page from homeowners policy (refinance only)
  

7. Details of Purchase Contract and the Property

Since property is a lien (security) against the loan, NORTH COUNTRY MORTGAGE BANKING CORP. will have an appraisal performed on the property in addition to the following information:

• Copy of a fully executed sales agreement (signed by both the seller and buyer)
  
  
• The complete mailing address of the property, the age of the home and full legal description
  
  
• Name and address of the real estate agent so that the appraisal can be scheduled
  

8. Personal Information Needed For The Mortgage Loan Application

In order to complete the mortgage loan application, your loan officer will need to record personal information of the borrower and co-borrower (if applicable).

• Name and address (Note: If lived at present address less than 2 years, then need address of prior residence)
  
  
• Social security numbers of borrower and co-borrower
  
  
• Age
  
  
• # / age of any dependents
  
  
• Home telephone number
  
  
• Current housing expenses (rent; mortgage principal and interest payment; real estate taxes; hazard insurance and second mortgage or home equity loan/line of credit payments)
  

9. Employment History and Sources of Income

Depending on the type of home mortgage loan you have selected; the length of employment, job stability and gross monthly income become key factors in getting your mortgage loan approved.
You will need to substantiate the following:

• At least a two year employment history (you will need to document the employer's name and address, your job title or position, length of time on the job, length of time in the field of employment, salary, bonuses, commissions and average overtime pay.
  
  
• Last month's paycheck stubs and Federal W-2 forms for two years (depending on the loan type, you may be required to provide last 2 years federal tax returns).
  
  
• Dividend and interest income from investments
  
  
• If you are self-employed, full tax returns and financial statements for 2 years, plus current year to date profit and loss statement.
  
  
• If gaps in employment exist, then you will need to provide a written explanation as to the reasons for the gaps (ex., maternity leave, illness, layoffs, etc.).

Again, depending on the type of loan you have selected, NORTH COUNTRY MORTGAGE BANKING CORP. may obtain Verification of Employment (VOE) from your employer. You present (and in employed less than 2 years, your previous employer will verify the length of employment and income).

If you have income from other sources like:

• Rental income
  
  
• Child support
  
  
• Social security
  
  
• Pension, etc.

, you will need to provide supporting documentation substantiating the income. For example, if you have rental income, you will need to provide copies of leases or for child support income, a copy of your divorce decree would be sufficient. Verbal substantiation will not be acceptable.

10. Personal Assets

Your NORTH COUNTRY MORTGAGE BANKING CORP. loan officer will be required to capture a list of your personal assets.

• Average monthly balance from bank accounts (checking and savings), and money market accounts
  
  
• Last 2 months bank statements for all bank accounts
  
  
• Investment accounts-last quarterly statement or last 2 monthly statements if applicable (stocks, bonds, CDs and other investments).
  
  
• Value of all retirement funds (vested interest only)
  
  
• Face amount and cash value of life insurance policies
  
  
• Automobiles owned (make, model, year and value)
  
  
• Real Estate owned (address, present market value, if rental income exists then need to provide amount of rents collected, the mortgage on the property and the monthly mortgage payments (a profit and loss statement will be required for investment properties).
  
  
• Similar to the Verification of Employment as mentioned above, your loan officer may require Verifications of Deposit (VOD) for each of the institutions listed in the "Assets" section of the mortgage loan application. Most of the time, a VOD is not required and recent bank statements will suffice as a means of substantiating deposits.

Mortgage Loan Application Interview (Page 1) | Mortgage Loan Application (Page 2)
Mortgage Loan Application Interview (Page 3)