Mortgage Application Checklist

Mortgage Application Checklist - IHA

Buy a home. You’ll need to complete a full application, regardless of your loan type.
Get cash from home equity. You’ll need to complete a full application, regardless of your loan type.
Refinance a Conventional loan. You’ll need to complete a full application.
Refinance a VA loan or FHA loan. You can often refinance VA and FHA loans without an appraisal or income verification through the streamline program. USDA loans are also typically eligible for streamline refinancing.

Use the Uniform Residential Loan Application (Form 1003). Your Freedom Mortgage loan advisor will make sure you have the right application.
Provide borrower information. This includes employment history, income, expenses, assets, and liabilities for all borrowers on the loan.
Provide loan and property information. This includes the loan amount, loan purpose, details about the property, and more.
Complete the Declarations. These are specific questions about the property, your funding, and your past financial history.
Understand the Acknowledgements and Agreements. These explain your legal obligations when you sign the application.
Answer demographic questions (optional). You are not required to answer these questions. Choosing not to answer does not affect your application.
Sign the application. All borrowers must sign and date the application.

Income documents. To complete your application, you’ll need to provide current copies of W-2 forms, pay stubs, and income tax returns. If you are self-employed, we may ask for personal and business tax returns, 1099 forms, and more.
Debt documents. We’ll ask for payment records that are related to car loans, student loans, credit card debt, mortgage payments, home loan payments, and other debts.
Asset documents. These can include bank statements, retirement account statements, and investment account statements.
Credit documents. We typically ask your permission to get your credit reports directly from the credit reporting agencies.

Initial Disclosures. These include the Loan Estimate which provides your loan amount, loan term, interest rate, estimated total monthly payment, estimated closing costs, and estimated cash you’ll need to close.
Intent to Proceed. This provides your intent to proceed with the loan application.

Underwriting. We’ll review your application and determine if you meet our lending standards based on your income, assets, debts, credit, and finances. Underwriting is part of the mortgage approval process.
Home appraisals and title searches. Home appraisals estimate the fair market value of a home. Title searches confirm the legal owner of the home and look for liens and claims against the property. These are typically part of the mortgage approval process.

Sign Closing Disclosures. Closing Disclosures provide your actual loan amount, loan term, interest rate, total monthly payment, closing costs, and the cash you’ll need to close. All borrowers must sign these disclosures in order to close on the mortgage.
Attend closing. You need to attend the closing to sign documents.
Pay closing costs. Most mortgages have closing costs. Some costs you may have to pay in cash at closing. Other costs you may be able to add to your loan amount.