Mortgage Pre-Approval

Transcription

1 Mortgage Pre-Approval THE FIRST STEP TO OWNING YOUR OWN HOME Welcome Before you start looking for a home, arm yourself with the knowledge of what you can afford to spend and borrow by obtaining a mortgage pre-approval Simply print out, complete and sign this form If there is more than one borrower, be sure all co-borrowers complete and sign a pre-approval application Print out and complete as many forms as needed 600 Main Street Waltham, MA fax rtnorg mortgage@rtnorg Revised: November 21, 2017 RTN Federal Credit Union Mortgage Pre-Approval Page 1 of 6

2 Income Verification Both the borrower and co-borrower must supply a copy of year-to-date pay stubs covering the last 30 days as well as the most recent W-2(s) If you have an overtime bonus or receive a shift differential, please include copies of your W-2 form(s) for the past two years If one or both are self-employed, please send copies of your last two year s completed IRS Form 1040s with all schedules attached If you are receiving additional income from another source, such as rental properties, please send two year s completed 1040s as verification All income must be verifiable BORROWER Please print clearly First Name Middle Last CO-BORROWER Please print clearly Check the box to indicate your intent to be jointly obligated for this loan and complete the section below First Name Middle Last Birth date Social Security Number Marital Status Single Married Separated Current Address Birth date Current Address Social Security Number Marital Status Single Married Separated How long have you lived at this address? Current Rent (monthly) How long have you lived at this address? Current rent (monthly) If less than 2 years at this address, please provide previous address (Street, City, State, ZIP) and length of residency time at this location If less than 2 years at this address, please provide previous address (Street, City, State, ZIP) and length of residency time at this location Home Telephone Number Cell Telephone Number Home Telephone Number Cell Telephone Number Address please print clearly Address please print clearly Are You Self-Employed? Yes Current No Employer Employer s Full Address and Telephone Number Are You Self-Employed? Yes Current No Employer Employer s Full Address and Telephone Number Position & Title Start Date Position & Title Start Date How are you paid? Hourly Salary Weekly Commission Annual Wage Income How are you paid? Hourly Salary Weekly Commission Annual Wage Income Other Income (for example, rental income, child support, alimony, retirement, disability, etc) $ Type: Frequency: Previous Employer (If less than two years in current position) Other Income (for example, rental income, child support, alimony, retirement, disability, etc) $ Type: Frequency: Previous Employer (If less than two years in current position) Position & Title Dates of Employment Position & Title Dates of Employment to to Reason for leaving Reason for leaving RTN Federal Credit Union Mortgage Pre-Approval Page 2 of 6

3 Outstanding Debts Please indicate ALL outstanding debt, even if you are a co-signer for another individual Payroll deducted loans and those secured by an employee savings plan (for example, a 401(k) loan) must be listed as well If more room is required, please attach a separate sheet Revolving Charges (Credit cards, lines of credit, etc) Please indicate whether you are a borrower or co-borrower on each account Creditor s Name Account Number Monthly payment Balance Responsible Party: Borrower/Co-Borrower/Both/Other Installment Loans (Auto, student, personal, mortgage, retirement savings plan loan, RAYSIP loan, alimony, child support, etc, even if payroll deducted) Indicate whether you are a borrower / co-borrower on each account Creditor s Name Account Number Monthly payment Balance Responsible Party: Borrower/Co-Borrower/Both/Other If you answer Yes to any questions from A to I below, please attach an explanation Borrower Co- Borrower Yes No Yes No A Are there any outstanding judgements against you? B Have you been declared bankrupt in the last 7 years? C Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years? D Are you a party to a lawsuit? E Have you directly or indirectly been obligated on any loan which resulted in foreclosure, transfer of title in lieu of foreclosure, or judgement? (This would include such loans as home mortgage loans, SBA loans, home improvement loans, educational loans, manufactured (mobile) home loans, any mortgage, financial obligation, bond, or loan guarantee If Yes, provide details, including date, name and address of Lender, FHA, or VA case number, if any, and reasons for the action F Are you presently delinquent or in default on any Federal debt or any other loan, mortgage, financial obligation, bond or loan guarantee? If Yes, give details as described in the preceding question G Are you obligated to pay alimony, child support, or separate maintenance? H Is any part of the down payment borrowed? I Are you a co-maker or endorser on a note? J Are you a US citizen? K Are you a permanent resident alien? L Do you intend to occupy the property as your primary residence? If Yes, complete question M below M Have you had an ownership interest in a property in the last three years? If the answer to question M is Yes,, what type of property did you own principal residence (PR), second home (SH), or investment property (IP)? PR SH IP PR SH IP How did you hold title to the home solely by yourself (S), jointly with your spouse (SP), or jointly (J) with another person? S SP J S SP J RTN Federal Credit Union Mortgage Pre-Approval Page 3 of 6

4 Getting to Know You Do you or your co-borrower(s) currently own a home or other real estate property? Yes No If Yes, please provide address information: Property Address (Please provide an additional sheet if necessary) 1 Market Value Mortgage Amount Gross Rent Mortgage payment (monthly) Insurance (monthly) Real Estate Taxes (monthly) 2 3 If Yes, will the property be sold and closed prior to this closing? No Yes; property number Estimated sales price: $ Please indicate the type of property you are looking for Single family Condo/townhouse How much will you have for a down-payment and closing costs? $ Is a gift available from an immediate family member? ; amount: $ Other monies in 401(k), IRA, Keogh, Retirement plans, etc $ Is there a specific loan amount you are looking for preapproval on? Please estimate your annual real estate taxes If purchasing a condominium, what do you anticipate your monthly condo fee to be? No $ $ Yes; amount: $ Please check the percentage you plan to use as a down payment on your home Private mortgage insurance (PMI) is required if the down payment is less than 20% 5% to 999% 10% to 1499% 15% to 1999% 20% or more Please sign the form on page 5 and return all pages to us along with income verification to the Credit Union via US Postal Service, or facsimile After processing, you will be notified in writing as to the amount you have been approved Return this Mortgage Pre-Approval and accompanying documents to: Mortgage Department RTN Federal Credit Union 600 Main Street, Waltham, MA fax mortgage@rtnorg RTN Federal Credit Union Mortgage Pre-Approval Page 4 of 6

5 Certification By signing below, I/we acknowledge that the information provided in this mortgage pre-approval application is true and correct I/We further acknowledge I/we are members of RTN Federal Credit Union and authorize RTN Federal Credit Union to obtain any and all information and documents that are needed for this mortgage pre-approval analysis including authorization to obtain a credit report from consumer reporting agencies Information includes, but is not limited to employment history and income, credit union, bank, and similar account balances and credit history Borrower s Signature and Member Account Number Date Co-Borrower s Signature and Member Account Number Date Demographic Information DEMOGRAPHIC INFORMATION OF BORROWER The purpose of collecting this information is to help ensure that all applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws You are not required to provide this information, but are encouraged to do so You may select one or more designations for Ethnicity and one or more designations for Race The law provides that we may not discriminate on the basis of this information, or on whether you choose to provide it However, if you choose not to provide the information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application If you do not wish to provide some or all of this information, please check below Ethnicity Check one or more Mexican Puerto Rican Cuban Other Hispanic or Latino Print origin: For example: Argentinean, Columbian, Dominican, Nicaraguan, Salvadoran, Spaniard, and so on Sex Female Male Race Check on or more American Indian or Alaska Native Print name of enrolled or principal tribe: Asian Asian Indian Japanese Cuban Filipino Korean Vietnamese Other Asian Print race: For example: Hmong, Laotian, Thai, Pakistani, Cambodian, and so on Native Hawaiian Guamanian or Chamorro Samoan Other Pacific Islander Print race: For example, Fijian, Tongan, and so on White To Be Completed by Financial Institution (for application taken in person): Was the ethnicity of the Borrower collected on the basis of visual observation? Was the sex of the Borrower collected on the basis of visual observation or surname? Was the race of the Borrower collected on the basis of visual observation or surname? RTN Federal Credit Union Mortgage Pre-Approval Page 5 of 6

6 DEMOGRAPHIC INFORMATION OF CO-BORROWER The purpose of collecting this information is to help ensure that all applicants are treated fairly and that the housing needs of communities and neighborhoods are being fulfilled For residential mortgage lending, Federal law requires that we ask applicants for their demographic information (ethnicity, sex, and race) in order to monitor our compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws You are not required to provide this information, but are encouraged to do so You may select one or more designations for Ethnicity and one or more designations for Race The law provides that we may not discriminate on the basis of this information, or on whether you choose to provide it However, if you choose not to provide the information and you have made this application in person, Federal regulations require us to note your ethnicity, sex, and race on the basis of visual observation or surname The law also provides that we may not discriminate on the basis of age or marital status information you provide in this application If you do not wish to provide some or all of this information, please check below Ethnicity Check one or more Mexican Puerto Rican Cuban Other Hispanic or Latino Print origin: For example: Argentinean, Columbian, Dominican, Nicaraguan, Salvadoran, Spaniard, and so on Sex Female Male Race Check on or more American Indian or Alaska Native Print name of enrolled or principal tribe: Asian Asian Indian Japanese Cuban Filipino Korean Vietnamese Other Asian Print race: For example: Hmong, Laotian, Thai, Pakistani, Cambodian, and so on Native Hawaiian Guamanian or Chamorro Samoan Other Pacific Islander Print race: For example, Fijian, Tongan, and so on White To Be Completed by Financial Institution (for application taken in person): Was the ethnicity of the Co-Borrower collected on the basis of visual observation? Was the sex of the Co-Borrower collected on the basis of visual observation or surname? Was the race of the Co-Borrower collected on the basis of visual observation or surname? The Demographic Information was provided through: Face-to-Face Interview (includes Electronic Media w/video Component Fax or Mail Telephone Interview or Internet To be completed by Interviewer: Interviewer s Name (Print or type) MLS # Name and Address of Interviewer s Employer RTN Federal Credit Union 600 Main Street Waltham, MA MLS # RTN Federal Credit Union Mortgage Pre-Approval Page 6 of 6