Home Mortgage FAQs

What kind of documentation will I need to provide to the lender for verification?
Every loan is as different as every borrower, so there is no single list of required documents that will apply to all borrowers. However, the following is a general list of documents you should be prepared to provide to any (remember, you should provide copies of these documents, not originals).

Employment and Income Data

W-2 tax forms for the past two years
1099s (if applicable)
Pay stubs showing current year-to-date earnings within 30 days
Your employment history and any explanation of a job change within the last two years
If Self-Employed (defined as owning 25% or more of a business)
Business and personal federal tax returns (including all schedules) for the past two years
Current year-to-date profit or loss statement K-1 for all partnerships
Residence addresses for the past two years
Properties owned
Assets
Bank account statements for the past two months
Most recent investment account statements
Most recent retirement account statements
Signed gift letter and transfer of funds verification

Liabilities

Credit cards, including account numbers and balances
Auto loans and leases, including account numbers and value of the car
Explanation and paperwork for any derogatory credit in the past seven years
Explanation letter of any derogatory credit, such as bankruptcy, collection, foreclosure or default
Student and personal loans, including account numbers, monthly payments and balances
Landlord address(es) for the past two years if necessary
Property and Real Estate Agent Information

Name and contact information of your Real Estate Agent
Homeowner's insurance information
Rental or lease agreements

How is Mortgage Loans Online different from other lenders and brokers?
Mortgage Loans Online is a direct lender not a broker. When you work with us, it's a direct relationship. We make our own credit decisions, loan our own money, and do not share our customer's personal loan information with any other lenders.

Do I have to document my income?
We offer three income documentation programs: full and stated (where not prohibited by law). Full documentation programs require that you substantiate your income with tax returns, bank statements, pay stubs, and/or other such paperwork. If you choose not to document your income, you can take advantage of our stated income program, which requires no income verification, but you must satisfy other loan requirements. Please speak to your loan advisor to tailor docs needed.

Can I apply for a purchase loan before I've found my property?
Yes, you can become pre-qualified or pre-approved for a maximum loan amount and a loan program. Once you find a specific property, the specifics of the loan can be changed to suit your purchase. Please note that a rate can't be locked in until there is a specific property address.

What is the cost to submit a loan application?
There is no cost to submit a loan application or to be pre-qualified for a loan. You will only incur a cost when you have accepted a loan offer and an appraisal is ordered for your property.