Home Loans - Simplified and Expedited

New World Mortgage
- OC Branch -

LOAN APPLICATION PREPARATION

Getting Organized for Loan Application

If you're planning to apply for a loan, it's a good idea to start gathering the necessary information. The loan application is the source of information on which the lender bases a decision to make the loan. The application defines the term of the loan, gives the name(s) of the borrower(s), place of employment, salary, bank accounts and credit references, and describes the real estate that is to be mortgaged. It also stipulates the amount of the loan being applied for and the repayment terms.

To help speed up your loan processing, here is a list of the information you should collect and have ready when you apply for your loan.
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For wage earner:

  • Signed and dated Federal tax returns (1040s) from the last year, including all schedules, or
  • Previous 2 year's W-2 forms
  • Most recent pay stubs for each borrower
  • A copy of your most recent mortgage statement (if you are refinancing)
  • Declaration page from your homeowner's insurance policy

If you are self-employed:

  • Tax returns from the past two years
  • A year-to-date Profit & Loss statement that is less than 60 days old
  • A current signed Balance Sheet
  • A copy of your most recent mortgage statement (if you are refinancing)
  • Declaration page from your homeowner's insurance policy

If you are refinancing your home, taking out a second mortgage, or applying for debt consolidation, the loan application process may require additional information. Depending on your individual situation, you may be asked to supply some of the documents listed below.

Additional Documents

  • Liquid assets including bank name, account type, balance, and source of down payment
  • Other assets including the value of bonds, stocks, life insurance, retirement funds, jewelry, automobiles, etc.
  • Real estate owned including property address and market value
  • Copy of the note on the first and second mortgages
  • Last twelve cancelled checks to mortgage company or last twelve months banking statements showing amount paid
  • Bankruptcy papers, including all schedules and discharges
  • Rental agreements on secondary properties
  • Monthly credit card statements
  • Business license or business card
  • Signed credit authorization and information disclosure
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New World Mortgage is an Equal Housing Opportunity lender

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