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Loan Process: Step By Step
By Rick Alex | Published  04/26/2006 | Loan Process | Rating:
Step1: Organize Your Documents

Your loan documents will be slightly different depending on whether you're buying or refinancing a loan, or applying for a home equity loan.

Buying/Refinancing

Home Equity Loan

If you're salaried: 2 years W-2s, 1 month paystubs

If you're self-employed: 2 years tax returns, YTD profit/loss statement

If you own rental property: provide rental agreements and 2 years tax returns

3 months bank statements for each bank, stock, and mutual fund account will speed up your approval

Recent copies of stock brokerage or IRA/401K accounts

Copy of the note on your first mortgage (found in closing loan documents)

Signed letter stating what you'll do with any cash-out refinance.

Signed letter detailing what you will do with your home equity loan

Copy of divorce decree, if applicable

If you're not a US citizen: Copy of your green card (front and back)

If you're not a permanent resident: H-1 or L-1 Visa




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