Starters for obtaining a home loan:

  • Verification of employment for you and your co-borrower, if you plan to have one
  • Information about your debts and assets
  • Most recent pay stubs for 1 month
  • W-2s from the previous 2 years
  • Signed copies of the last 2 years’ tax returns along with all schedules that were filed
  • Homeowner’s insurance company name and number
  • Most recent bank statements for 2 months
  • Most recent statements from any retirement and investment accounts for two months

Good faith estimate

Your loan officer must provide you with a good faith estimate of your closing costs for your budget within three days of your application. This will describe the closing items for your home and list the amount of each closing cost.

  • Discount Points: Paid to the lender to secure a lower interest rate.
  • Title Search/Title Insurance Fees: A title search will be conducted to ensure that the Seller is the legal owner of the property and that there are no claims or liens against the property. The lender will require title insurance to protect against errors during the title search. These fees are paid to a lawyer, escrow or title company.
  • Credit Report Fee: The Credit Reporting Agency will provide your credit report to your loan officer and/or lender.
  • Closing Fee: A fee from the closing agency that will ensure and process the closing title paperwork of your transaction.
  • Appraisal Fee: The appraiser will determine the current value of the property. These fees will vary depending on appraiser and the property.
  • Application / Processing Fee: A fee processed by the loan officer to process your loan application.
  • Miscellaneous Fees: VA and FHA Loans may have specific fees when using this type of loan. Private Mortgage Insurance (PMI), document preparation, notary, recording and tax services are all services that may be included in your loan cost.

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