If you are preparing to purchase a new home, or refinance your existing home all the lenders at Iowa State Bank strive to make the process simple and timely. One of our main goals is helping customers find a mortgage that fits their needs. To help the process along, we offer a short list of documents you may be asked to supply before your mortgage can be processed.
- Signed and completed application-either online at IAStateBk.com or in paper format.
- Driver’s License (both sides)- we’ll need this to help verify your identity.
- Secondary IDs- these documents, such as a social security card or passport, also help to verify your identity (we may or may not need these, but it would be wise to have them on hand just in case)
- Most recent paystubs- if you are paid a W2 salary or hourly wage, we need these for the last month to see what kind of income you have.
- W2 forms for the last two years- these not only document your earnings history, but also your employment so we can ensure you’ve been employed steadily in the last two years.
- Tax returns- we will need your signed federal tax returns with all pages and schedules for the last two years.
- Bank and asset statements- the most recent versions of these for a period of two months helps us see if you have sufficient assets for down payment, closing costs and reserves. Any large deposits will need to be verified.
- Fully executed purchase agreement for the property you are buying- this serves as a baseline for appraisal and loan constraints (for home purchases only)
- Contact information for your lawyer- we will need their name, address, phone & fax numbers and email addresses to coordinate the closing (for home purchases only)
- Insurance Agent Information-having their name, address and phone number allows us to verify your current or new insurance.
- Realtor Information- we will need their name, address, phone & fax numbers and email addresses to coordinate the closing. (Purchase ONLY)
We understand that obtaining a mortgage for both a purchase and a refinance can require a lot of paperwork; this is why our lenders try to make the process as simple as possible. As the weather gets warmer, predictions are purchases and refinances will increase. Do not hesitate to check out our blogs and Facebook updates for more helpful tips.
We hope to see you soon!