It requests information about your income, assets, liabilities and a description of the property.
SUBMIT ALL DOCUMENTATION REQUESTED BY YOUR MORTGAGE LENDER
The lender will need documentation pertaining to your personal finances — your earnings, your monthly expenses, and your debts — to help gauge your willingness and ability to repay the mortgage. You may be requested to provide any or all of the following information:
- Social Security Number
- Birth date
- Most recent pay stub showing year-to-date earnings
- W-2 tax forms and tax returns for the last two years
- Names, addresses and telephone numbers of your employers for the past two years
- For all loans and charge accounts, the name of the borrower, name and address of the institution, account number, monthly payment and current balance
- For all deposit accounts, such as checking accounts, savings accounts, stocks, bonds, etc., the name on the account, name and address of the institution, account number and current balance
- Three months of your most recent statements for deposit accounts, stocks, bonds, etc.
PAY AN APPLICATION FEE TO COVER PROCESSING COSTS (IF THE LENDER CHARGES ONE)
First Republic Bank does not charge an application fee. All other closing costs will be itemized in separate disclosure documents, which the lender is required to provide to you upon receipt of your application.
YOUR LENDER IS REQUIRED BY LAW TO PROVIDE YOU WITH THE FOLLOWING ONCE YOU SUBMIT YOUR APPLICATION:
- Truth-in-Lending Disclosure: This statement includes a summary of all costs associated with the loan.
- Your Annual Percentage Rate or “APR”: This is the cost of credit expressed as a yearly rate. The APR includes the interest rate, points, broker fee and certain other charges that you (the borrower) are required to pay.
- A Good Faith Estimate (GFE) of the costs associated with the loan.
- ARM Disclosure (if applicable): Information on the important terms and costs of an adjustable-rate mortgage, the past performance of the index to which the interest rate will be tied and a copy of the booklet, “Consumer Handbook on Adjustable-Rate Mortgages.”
- “A Home Buyer’s Guide to Settlement Costs”: A government publication that describes the closing or “settlement” process and its costs as well as information on your rights.
- A notice concerning your right to a copy of the property appraisal, if you are being charged for that appraisal. You are entitled to a copy if you have paid the cost of the appraisal to the lender.
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