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Loan Processing Checklist
It is most important that you do not take any additional credit (ie; large credit card purchase, new car, boat, furniture, etc.) prior to closing this loan, as it will change your debt ratio which could eliminate your ability to acquire this mortgage.
NOT ALL OF THE ITEMS LISTED BELOW WILL BE REQUIRED FOR YOUR LOAN REQUEST
___ Copies of your most recent paystubs to cover 30 days for each borrower.
___ Copies of your 2004 & 2005 W2's for each borrower.
___ Copies of your 2004 Personal Tax Returns with all schedules for each borrower.
___ Copies of your 2004 & 2003 Business Tax Returns with all schedules,if applicable.
___ Copy of your current Year to Date Profit & Loss Statement, if applicable.
___ Copies of your most recent Bank Statements (all pages)to cover the past 2 months.
___ Copy of your most recent statement regarding Stocks, Mutual Funds, Retirement Accounts, etc.
___ Copy of your most recent Pension, Social Security or other Award Letter.
___ Copies of your last 12 months cancelled Rent or Mortgage checks, if purchasing.
___ Copy of your rental or lease agreement, if applicable.
___ Copy of your fully executed Purchase & Sale Agreement.
___ Copy of your 1st / 2nd Mortgage Note(s), if a second mortgage.
___ Copy of your current Mortgage statement(s), if refinancing.
___ Copy of your Homeowners Insurance Declaration. Insurance Agents name and telephone number. (**Purchase mortgages need to provide binder and paid receipt for insurance, 14 days prior to closing.**)
___ Completed Gift of Funds Letter (a sample can be supplied).
___ A brief letter of explaination for derogatory credit, and if applicable credit inquiries.
___ Copy of Divorce Decree or Separation Agreement, if applicable
___ Copy of Bankruptcy paperwork with all schedules and discharge, if applicable.
___ Copy of each borrowers photo drivers license.
___ A completed mortgage application.
In addition to the above mentioned items, an approved appraisal of the subject property, as well as any additional documentation requested for by the underwriting department will be required before a commitment can be issued. Should you have any questions, please feel free to call Donna Stevens-Jacobs at 203-262-8990 or 1-888-686-9669.
Thank you for choosing Simplified Mortgages, LLC.
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