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Michele Welch

Documents you need for a smooth closing

Monday, July 1, 2013 - Article by: Michele Welch - Wells Fargo Home Mortgage - Message

Buying a home involves a variety of parts: many people, documents and tasks are needed in order to make your purchase go smoothly. It is better to get organized as soon as possible, but exactly what do you need ?

Here is a list of the common items needed for mortgage pre approval and qualification. It is best to get these items into your Loan Officer ASAP so that any red flags may be addressed early:

  1. 2 years of Tax Returns, All Schedules. Self Employed Borrowers will be needing Business Returns
  2. 2 years W2's or 1099's if commissioned.
  3. 30 days most recent Pay Stubs with year to date income reflected. Self Employed: Year to Date Profit and Loss Statement.
  4. 2 months Bank Statements showing where the cash to close is coming from and ample reserves. All pages. ( Internet Activity print outs are not acceptable, Look on your Banking Website for the Statement Tab and you are able to view them and safe as PDF document. )
  5. Investment Account Statements. All Pages. ( Look on the Investment Website for statements in PDF Format. )
  6. Copy of your Drivers License or Photo ID.
  7. Tri Merged Credit Report Authorization. ( Mortgage Company to obtain. )

If you are Submitting an Offer to Purchase:

  1. Copy of your Pre Approval Letter. These are date specific so make sure your's is still valid.
  2. Sales Contract.( signed and dated )
  3. Any Addendum to the contract. ( make sure sellers closing costs are addressed accurately.

If you are Ready to Close:

  1. Sales Contract ( signed and dated by Buyers and Sellers )
  2. Title. Clear 24 month chain
  3. Title Insurance is in place
  4. Copy of your Drivers License or State ID
  5. Deed
  6. HUD-1 Statement ( Closing Statement)
  7. Survey
  8. Proof of Home Owners Insurance.
  9. Proof of Required Repairs
  10. Wire Funds to Close. Due to Fraud many Closing Agents will no longer accept certified funds to close.
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