• Copy of your Purchase & Sale Agreement.
• Your present mortgage information.
• Two-year history of employment and verification of all income sources.
• If self-employed, copies of past two years Federal Income Tax Returns.
• Information about your checking, savings and credit card accounts.
• Name, account number and outstanding balance of each of your debts.
• Application deposits.
• Information about any assets.
• Information regarding any other assets that will be used as funds to close.
• If FHA - Copy of Social Security card and photo ID.
• If VA - Certificate of Eligibility or DD214.
• If Employee Relocation Client - include relocation information and copy of offer, promissory note and copy of check on bridge loan.

Questions For Your Lender

• Are both fixed-rate and adjustable mortgage loans available?
• What is the interest rate?
• How long can I "lock-in" the financing at the current interest rate?
• Is a float down lock available in case rates drop after I have locked in?

• What are the other fees a lender may charge me in conjunction with my loan?

• Are funds for a second mortgage available?
• On adjustable loans:
  
  • How often will the interest rate be adjusted?
  • Is there a maximum limit on each rate change?
  • How often will the monthly payment be adjusted?
  • Is there a ceiling on payment adjustments?
  • Can the term of the loan be extended?
  • What is the maximum rate that can be charged over the life of the loan?
  • Is there any potential for negative amortization?
   

• Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.

• What is the "grace" period? How late can a monthly payment be made before a late charge is assessed? What will happen if a payment is missed?

• If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?

• Do you have to pay "points" to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.

• Will the lender require mortgage insurance?

• Ask for a written "good faith estimate".