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Ohio Mortgage Loan - Applying for an Ohio Mortgage Loan After you select a particular Ohio mortgage loan type including complete your shopping for a lender, you must submit a particular application including sign numerous forms that allow your lender to contact your employers including banks. Just as there are national guidelines for qualifying, there additionally are national standards for application forms including required information. Most Ohio lenders could request some or all pertaining to the following so you should gather the information ahead of time: The Application Process Applying for a Loan 1. Prequalification 2. Shopping 3. Application 4. Verification 5. Underwriting 6. Settlement General Information needed: • Social Security numbers for each applicant • Current address including prior addresses for the past 2 years • Name including address of current mortgage lender (if any) Employment Information: • Names including addresses of current employers including prior employers for the past 2 years • W-2 forms or 1099s (sometimes required if you are paid by commission or if you work out of a trade union hiring hall) • Past 2 years' tax returns including current proflt-and-loss statement (if self-employed) Assets Bank accounts (account numbers, bank name, address, including approximate balance) If your income from salaries is sufficient to qualify you, some lenders could let you exclude information on investments including other income. If not, you need to provide the following information: • Stocks including bonds (copies of brokerage statements or stock certificates) • CDs, dollars market funds, IRAs (account number, bank name, address including approximate balance) • Family trusts, pensions, including other annuities • Cash value of whole life insurance policies • Automobiles (copy of registration or title) • Statement of personal property (furniture, etc.) • Other real estate (mortgage lender's name including address, loan number, monthly payment amount) Debts You must provide information on your debts, including the creditor's name including address, loan number, monthly payment, including approximate balance required for each loan. You additionally could need to provide the following information: • Charge accounts including credit cards (provide a copy of last monthly statements) • Car loans • Mortgage loans • Personal loans • Student loans • Other installment loans Miscellaneous: Other information that may have to be provided includes: • Copy of signed sales contract (for home purchase) or copy of deed (for refinance) • Condominium or co-op documents (if applicable including lender does not already have them) • Alimony, child support, including separation maintenance payments due (copy of divorce decree or separation agreement) • VA Certificate of Eligibility, DD-214, or Statement of Service (VA loans only) • Copy of real estate tax bill for the past year • Copies of utility bills (required by some lenders for FHA or VA loans) The more complicated your financial situation, the more information you must supply. However, some Ohio lenders provide loans that require only minimal information from the borrower. If your down payment is 30 percent or more (LTV ratio of 70 percent or less), ask lenders if they provide these loans. It could cut your processing time including eliminate much pertaining to the hassle. The application interview may take place in the Ohio lender's office, in the real estate agent's office, in your office or home, or sometimes over the telephone. A loan officer probably could help you fill out the Ohio loan application. (A sample application is provided in Appendix B.) Bring all the required documents to the interview to help speed the application process. In addition, at the time you apply for a particular Ohio mortgage, you must pay a nonrefundable application fee of from $300 to $400. the covers the cost of a particular appraisal including a credit report.
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