Greetings from all of us here at the Vermont Mortgage Company! We hope the week has been a pleasant one so far. Recently, our very own Nick Parent, owner of Vermont Mortgage Company, got himself a mortgage. As he went through the process, he was reminded of how much paperwork is required to get one! Therefore, this weeks blog is about all the paper needed for a mortgage, no matter who it may be. Let’s dive in…

When you start the loan process, you are asked a series of questions. This is to give us some background information so that we may start your loan. After you are pre-qualified, there is much that needs to be done by you so that the metaphorical ball can begin rolling. Paperwork and documentation is an essential part of this process, and knowing what you need and when makes things move quickly. To start, the bank needs to know that you will have the money to pay back the loan. W-2’s from the past 2 years, Pay Stubs, and the contact info for your employers is needed to verify your income. We need to contact them and verify your employment, so making sure these are turned in quickly is always for the best.

However, if you aren’t a W-2 employee, some other form of income verification would be required. Freelancers and self employed people must have income documentation going back at least 2 years as well. Any other forms of income like alimony or child support is also required to be documented.

Bank statements going back two months are also needed. Either have your bank print them out, or print clear copies yourself. This is to enforce anti money laundering laws.

While ensuring what money and income you have is important, documentation of money you owe is equally important. Student loans, credit card bills, and car payments are all things needed for loan processing. Your Debt to Income ratio shouldn’t be too high, or you won’t qualify for the mortgage.

Lastly, we just gotta know who you are. Bring a drivers license, or some similar form of identification. This is the most typical list of documentation needed, but you may need to bring more as the process moves forward. The best thing to do is make sure you at least have all of these ready, at your disposal. Also, making sure they are clear and legible, since we need to be able to read them!

It is a lot to handle, but unfortunately this is all necessary for getting a mortgage. Even if you own a mortgage company, the process is the same. No exceptions! So ensuring everything is on hand and complete will make the process to closing quickly for both you and us! If you have questions on what is needed, or anything else mortgage related, we’re here for you. Call now at 802.863.2020 to get the process started!

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