What are Ten Questions That
Most Lenders Will Ask Me?
When a potential home buyer starts the process of applying for the financing for buying a home, there are many questions that a lender will ask. Here’s the information most lenders will need:
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The amount of money you wish to borrow and the length of time you will need the money.
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Your current address and any other addresses covering the previous 24 months.
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Your social security number.
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Your current employer’s name, address and phone number and the same information for any other employers in the previous 24 months.
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Your gross monthly income including documentation: most recent pay stub, final pay stub for any job you may have left in the current year and previous year’s W-2 form(s).
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Complete account statements (all pages) for any bank, credit union, retirement, or brokerage accounts.
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Your assets (real estate, personal property, stocks and bonds, life insurance with cash value, etc.).
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A complete list of your debts including account numbers, balances and minimum payments.
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A copy of the sales contract.
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An account, in writing, of any problems concerning your application and any documentation of the circumstances of those problems.
With this information in hand, here are the steps the lender will take to process your application:
- Verify the facts.
- Get a credit report.
- Make a property appraisal.
- Review your application.
- Decide whether or not to make the loan.