The Dos & Don’ts of Applying for a Mortgage in Kentucky
DO maintain up-to-date records The mortgage application process is paperwork-heavy, and lenders could ask you to pull up records at a moment’s notice. To make things easier for yourself, make sure you have the following records readily available:
Income: Underwriters typically verify income and tax documents through your employer, so hold onto new paystubs as you receive them.
Assets: It’s best practice to save all incoming account statements in the order in which you receive them; keep all numbered pages of each statement.
Gifts: If you’re receiving any gift money from relatives, they’ll need to sign a gift letter (which your loan officer will provide) and an account statement evidencing the source, which must be “seasoned” funds.
Current Residence: If you’re currently renting, continue to pay your rent on time and save proof of payment. If you intend to sell your current residence, be prepared to show your HUD-1 Settlement Statement. If you plan on renting out your home, you may need to show sufficient equity, a lease, and receipts for the security deposit and first month’s rent.
