Applying for Your Mortgage

Especially for first time buyers, applying for a mortgage can seem like a tedious task! The team at Chase Manhattan Mortgage knows and understands how you feel, and is there to help you glide through the process as easily as possible.

What you first need to know, before applying, is what will be required of you to apply.
Usually there are ten sections to the mortgage application, each containing a different sort of information on you and your background.

The lender who you are applying with will almost always request supplemental documents that prove all of the information you give in your application. Chase does not want this to be a challenge. It is just to make sure that all of the information is correct, so that you will be properly advised.

In order to supply the adequate proof, you will need to turn in the names and addresses of any employers you have had in the last two years. You will need to know the exact address, such as department or suite numbers. You will also need your W-2’s and possibly federal income tax returns. Keep any pay receipts from the last 30 days. If you are self employed, have a profit and loss statement and a balance sheet with an accountant’s signature. Have signed tax returns from the last two years, and make sure all documents are original.

If you have had other sources of income, such as loans from family or friends, make sure to include that. Usually you will need a gift letter. You may also have social security or disability payments, pension income, dividends, child support, alimony, a rental property and/or bonuses at work. Have proof of this. All of these sources of income need supporting documentation. Usually contracts, receipts, and official signatures will be alright. To get more detailed requirements, contact a Chase employee.

For asset verification, have bank statements, passbooks, checking accounts, credit unions, savings accounts, IRA and 401K accounts, mutual funds and security accounts. If you have a new car, provide the title.

You will also need to have debt verification such as outstanding loans, car loans, credit card accounts with outstanding balances, divorce contracts or child support agreements that have not been fulfilled, proof of bankruptcy proceedings and any explanation letters from judges regarding judgments or delinquent credits.

To verify your current property, owned or rented, you must have copies of the purchase agreement, a legal description of the property, copy of the listing, a contract if in the process of selling a home and a record of real estate owned in the past.

Lastly, think of any other documentation that may be requested to accompany your application. If you have information on your application that you think the lender may ask or wonder about, have something to support or further explain it. Remember that Chase representatives are here to help you, and we will work with you in order to successfully complete your mortgage application.