Mortgage Application Checklist

• Agreement or Contract of Sale. Signed by all parties, if applicable. If you are refinancing your existing mortgage, you must supply a copy of your deed.
• Employment History. Complete name, address and phone number for all your employers during the past two (2) years, including dates of employment. You also need to provide your social security number and your spouse's, if applicable. If you have been in the military at anytime during the past two (2) years, you must provide a copy of form DD214.
• Income Information. W2 forms for the two (2) years immediately preceding your application date and your most recent pay stubs covering a one (1) month period.
• Source of Downpayment and Closing Costs. You will also need copies of bank statements for the past three (3) months on checking accounts, saving accounts and saving certificates.
• Credit Information. Names, addresses and account numbers for all creditors (charge card, auto loans, students loans, etc.) with the estimated present balance and monthly payments. If you have no credit accounts, you must supply information concerning previous accounts.
• Real Estate Owned. A copy of the payment coupon for each mortgage held on a property for which you are an owner (including your current residence) along with the mailing address (not P.O. Box) for each mortgage holder.
• Application Fee. Be prepared to pay an application fee. Your loan officer will advise you of the amount

Special Situations.....

• If you are self-employed, you must provide profit and loss statements and balance sheets for the past two (2) years. These documents must be signed and dated by you and your accountant. Copies of your 1040s with Schedule C for the previous two (2) years are also required.
• If you are employed by a relative, you must provide 1040s for the previous two (2) years and a year-to-date pay stub.
• If you receive social security payments, retirement payments, welfare or disability income, verification will be needed (such as an award letter or copy of latest check).
• If you were out of work at any time during the last two (2) years, you must supply a statement explaining the reason for the gap in your employment along with the dates. If there was a gap in your employment because you were a full time student, you must provide a copy of your school transcript covering that period.
• If you own U.S. Saving Bonds and list them as assets, prepare and sign a list of the serial numbers and the face value of each bond.

To apply for a mortgage or if you have questions about the entire process, we recommend contacting The Mortgage Guys at Spruce Mortgage. Visit them on the web at www.vermontmortgageguys.com.