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Mortgage Process Checklist

Mortgage Pre-Qualification Checklist1

Getting pre-qualified is fast and easy. Here’s what we need from you:

  • Applicant name(s)
  • Current address
  • Estimated Annual Household Income
  • Estimated Monthly Household Debt

Mortgage pre-qualification is an assessment to determine whether your income and debt-ratio may fit a current U.S. Bank Home Mortgage loan program and provides an estimated amount you may be able borrow. A Letter is provided and can be given to your Realtor as a sign of confidence that you are a serious homebuyer.

Mortgage Pre-Approval Checklist

Whether you have completed the prequalification process with U.S. Bank or not, you can ask to get pre-approved at any time. The first step is to complete a full mortgage loan application. After we receive this, we will provide you with all required application disclosures including a Good Faith Estimate of Settlement Costs and an “Intent to Proceed” notice. Before we can continue with your mortgage loan application, you must tell us you want to continue by signing and returning your “Intent to Proceed” notice along with other disclosures that require your signature. If you agree to proceed, we will collect funds necessary to cover the cost of your appraisal and/ or the application fee (if applicable). The appraisal/application fee may be paid by providing us with your credit card number and expiration date to cover the cost.

Once you have submitted your application, we will need to collect additional information, including but not limited to:

  • Your residential address for the past two years, plus the name and address of all landlords during that time.
  • The name and address of all employers for the past two years.
  • Paycheck stubs from the last 30 days that show your year–to–date earnings.
  • Copies of your W–2 form for the past two years. If you are self–employed, earn commissions, overtime, or bonuses, please provide personal and/or corporate complete tax returns from the past year. A current profit-and-loss statement and balance sheet are needed for self–employed individuals.
  • Your original bank statements (all pages) from the two most recent months for all checking and savings accounts.
  • Statements from the past two months for CDs, IRAs, stocks, bonds and any other securities if you intend to use any of these assets for your down payment.
  • A list of all your new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), creditor name, address, account number, minimum monthly payment amount and outstanding balance on each account.
  • Information on any real estate you already own, including property address, current market value, mortgage lender's name and address, loan account number, balance and monthly payment.

If your offer to purchase on your new home has been accepted by the seller, we will need:

  • The phone number and address of the listing and selling agents (or seller and seller's attorney if no real estate agent is involved)
  • A fully executed purchase contract (signed by all parties) on the home you wish to buy, plus any amendments or counter offers, and the receipts for earnest money or down payment deposits

If you currently own a home and a sale is pending on your existing home, we'll need:

  • A copy of the fully executed sales contract (signed by all parties) for your current property
  • A copy of the HUD-1 closing statement on the home before closing on the new one

 

More Resources for First-Time Home Buyers

Need help getting through the process?

Call 877-303-1637 today to get started, or contact a local U.S. Bank Home Mortgage Loan Officer.

 

  1. A prequalification request is an inquiry only, not a mortgage loan application or a commitment to lend and no interest rate is promised or secured. An assessment was performed to determine whether your income and debt-ratio may fit a current U.S. Bank Home Mortgage loan program. A credit decision will be made only after you submit a complete mortgage loan application and we are able to verify and fully evaluate your application request in accordance with the loan program you have selected and all underwriting criteria.

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This mortgage application checklist may not be all inclusive. Additional information may be required from you.
Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage products are offered by U.S. Bank National Association Member FDIC.You can always call us for further information on the mortgage application process and to find out about the wide variety of mortgage products offered by U.S. Bank Home Mortgage.

 

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