What to Expect When You're Applying for a Mortgage

11/13/2018

As part of the homebuying process, your mortgage requires careful planning and consideration. If you know what to expect, it will be faster and easier than you may have imagined! 

Below is the checklist we developed to make the mortgage process run smoothly. At SSB Bank, we recognize that this is a daunting process, which is why we want our prospective borrowers to feel supported and prepared. 

Here is exactly what you'll need to make your mortgage happen, and why you'll need it.

OUT OF POCKET EXPENSES

_____  Earnest Money Deposit (Hand Money)

This is the deposit you will be asked to put down at the time you submit an offer on a property. This money is credited to you at closing and goes toward your down payment and closing costs. Ask your realtor for more details. You will need a copy of the cancelled check.

_____ Inspection fees 

The inspection fees vary based on what you elect. This money is paid upfront to the person doing the work.



INCOME

Salaried or W2

_____ 30 days most recent paystubs (3 if you are paid bi-weekly)

_____ 2 years most recent W2s

_____ 2 years most recent federal (only), signed and dated tax returns (all pages and schedules)

 

Self Employed / 1099 Employees

_____ 2 years most recent federal (only), signed and dated tax returns (all pages and schedules)

_____ 2 years most recent 1099s (if applicable)

_____ 2 years most recent signed/dated corporate tax returns (all pages, all schedules, if applicable)

_____ Year-to-date profit and loss statements (Might need to be prepared or verified by a CPA)

 

Retired

_____ Most recent Social Security Awards statement or most recent 2 years 1099s

_____ Terms of pension or most recent 2 years 1099s

_____ 2 years most recent Federal (only) signed and dated tax returns (all pages and schedules)



ASSETS

_____ Copy of most recent 2 months’ bank statements (all pages).

Statements must have name, address, and account number. All large deposits not clearly marked as payroll must have satisfactory documentation proving source of funds

_____ Additional assets might be needed based on your situation

_____ Your mortgage consultant will provide additional items needed if a gift from a relative, funds from retirement or stocks, or proceeds from a sale of a home will be used.


ADDITIONAL ITEMS

_____Photo ID

_____Signed Sales Contract

_____Name and contact information for Home Owner’s Insurance Agent

_____If Renting, name and contact of landlord for verification of rent


Click here to download this checklist and get other helpful mortgage tips.

With these documents in hand, your mortgage application process will be easy and straightforward. Our friendly, knowledgeable mortgage team looks forward to helping you get into the home of your dreams!

Still have questions about mortgages?

Not sure where to start? Our friendly Mortgage Loan Originators would be happy to answer questions and walk your through the process. Just call us at (412) 837-6955 or contact us online. We know the homebuying process is one of the biggest decisions you'll have to make, so our team is dedicated to answering your questions thoroughly and making sure you know what to expect.

While you're thinking about applying for a mortgage, you may also be wondering what size mortgage would work for you. Use our mortgage calculator to see different price points and term lengths, and estimate how much home you can afford.


Find out what kinds of mortgages we offer (and how much home you can afford) here!



Heather Dieckmann
Mortgage Loan Originator
(412) 837-6955