Listed below are several tips to ensure that you receive a timely decision on your loan inquiry. These tips are designed to help borrowers avoid some of the most common pitfalls that cause delays in their loan approvals. Half of the entire loan process is dependent upon the borrower. To ensure a speedy credit decision on your loan inquiry, be sure to read and follow our helpful tips.
- Provide all documentation that is requested. Any missing documentation is likely to cause a delay in your loan approval process. To obtain loan approval, you will typically need to produce:
- Pay stubs covering most recent thirty days
- W-2 and 1099 statements covering the past two years
- Most recent 2 years complete tax returns
- Bank statements covering the most recent two months
- 401K statement showing vested amount
- Purchase contract or sales agreement
- Landlord contact information (if applicable) and 12 months cancelled rent checks (if renting from a private landlord)
- Fully executed divorce decree (if applicable)
- Mortgage statement and hazard insurance policy (if you are refinancing)
- If you are self employed, paid by commission, or own real estate used for rental purposes you will need to produce:
- Two years signed personal federal income tax returns including all schedules
- If self-employed through a corporation, the last two years' corporate returns as well as a year-to-date profit and loss statement and balance sheet
- If additional information or documentation is requested, please provide it as soon as possible.
- Read all disclosures carefully and ask questions if you need clarifications. It is best to communicate all requests and clarifications in writing early in the loan process.
- Ensure that the income you report on your application is the same income as that which is reported on your tax documents.
- Inform your loan officer of any past credit problems.
- Review your credit report carefully to verify its accuracy.
- When signing your closing documents, sign your name exactly as it is printed. For example, you may need to include your middle name or initial in your signature.
If you're looking for a trusted lender, you're in the right place. Are you wondering who offers the best rate? Curious how much you can qualify for? We can answer any questions you have about a Hawaii mortgage and help you find a program that best meets your needs. If you're interested in a home loan in Honolulu, Mann Mortgage can help you make it happen.
Please call today to speak with a loan officer at (808) 427-7834, email us, or apply online in less than 10 minutes using the secure online application below. We look forward to answering your questions and helping you make your dream of homeownership a reality!